The World Gold Council (WGC) separately reported that the People's Bank of China purchased 23 tons of gold in July, the ninth consecutive month of purchasing.
Precious metals aren't going to bottom until stocks are pretty close to the bottom. I think we're entering a blood bath phase: 5 to 7 days of all-out panic selling.
Before precious metals can begin a new bull market and Gold can break $2,100/oz, the economy and stock market must run into problems, which may cause initial pain in precious metals.
There are two big factors with respect to gold’s performance relative to fiat: one is whether BRICS introduces a gold-backed currency. The other is the impact of a Fall market crash.
Yen (USD/JPY) price trend impacts all asset classes. USD/JPY is trading around 146.40. This is the key reason for the rise in bond yield and sharp rise in the USDX and falling gold and silver.
You have to buy at the right time in metals to make money. Especially in the miners; they are trading vehicles, not long-term holds. Long-term holds are physical gold and physical silver.
