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Big Demand for 2-Year US Debt Supports Gold

Now, this is a weekly chart of just closes in the gold market. Notice how we've been just hanging here at this $2424.10 level, I think it's very clear, the market is just sitting there trying to determine the next move. I ultimately think (and I'm sure I'll be wrong and you'll write me about it) but l ultimately think we're going up to another level here and I say that because India lowered the tax on gold. Silver, platinum, copper, cobalt I go on and on...

So they are one of the world's biggest consumers of gold. By the way, I think they're the second largest consumer and they really believe in buying it for jewelry needs and so on and so forth. So by taking their tax, I think they took the tax from 15% to 6%, and other metals, they actually removed the tax.

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