For all the gold bugs out there the world gold council is out with a report today showing that global demand fell in the first quarter with gold investment almost halved in Q1. Investment fell to 200.8t from 395.8t.
Gold jewellery, on the other hand rose 12% in Q1 and was led by China and India
Full details of the report can be found via the World Gold Council site here.
Meanwhile Gold bar premiums have hit record highs on supply constraints. Bar premiums were up to $2 an ounce in Tokyo, the highest since March 2011. Highs were also seen in Hong Kong and Singapore.
It looks like we’re well on the way to testing the big drop lows at 1316 after sustaining the break out of the month long channel.
