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Michael Sawyer at Accredited FX believes Chinese Demand Contributed to the Rise in Gold.

While the world digests the results of the U.S. election and contemplates the possible bailout of Greece, Chinese gold consumption has surpassed that of India which was number one.


Chinese Gold Demand Surpasses India – Accredited FX
Chinese Gold Demand Surpasses India – Accredited FX
PRLog (Press Release) - Nov. 15, 2012 - The U.S. markets are expecting tax hikes and spending cuts that would start in 2013. “I think everyone is aware of the effect the impending fiscal cliff is having on the gold price” said Mr. Sawyer. “What they may not be aware of, is the increase in gold demand in China in anticipation of Chinese New Years and the belief that gold prices will rise,” explained the Senior broker from Accredited FX. These factors coupled with the traditional gold consumption of India resulted in a 3.3% rise in the gold price for this week. Gold for December settled at $1730.90.

“It seems clear to me that we are seeing a bullish gold market that has all likelihood to continue well into the coming year”, added Michael Sawyer. “We are seeing a boost in the dollar at the same time”.

The Accredited FX broker went on to say that during the majority of this year, gains in the dollar tended to negatively affect gold. However over the last two days, gold gained $20.70 by 11:30 AM Friday while the U.S. dollar also strengthened.

Accredited FX and Michael Sawyer are long term gold bulls with investments on behalf of both retail and corporate clients in gold options with various expiry dates and prices."

Accredited International provides Forex trading services to corporate and institutional investors throughout the world from their head office in San Jose, Costa Rica.

Accredited FX is the managed accounts division of the company and provides Forex trading services to retail investors with minimum account balances starting at $5,000. Clients have access to one of the most sophisticated online trading systems available.

To open an account with Accredited FX, please visit our website at http://www.accreditedfx.com or call our client services team at +1 855 274 7539.

Forex trading involves substantial risk of loss and is not suitable for everybody. Only risk capital should be invested.


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Source:accredited FX - Press Office
City/Town:San Jose - San Jose - Costa Rica
Industry:Banking, Finance
Tags:Accredited FX, Michael Sawyer, gold, chinese, buying
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