by David Kranzler
Investment Research Dynamics
On a side-note, it’s important to know that late July/early August is seasonally the most quiet part of the year for the biggest eastern hemisphere gold accumulators. And we’re going into the “roll” period, when the bulk of the massive blob of August paper gold “rolls” into December, the next “front month” for Comex Paper gold. Having said that, China has actually slightly increased its gold imports this month. India has been in hibernation since March 1 but it’s biggest seasonal buying period starts in about four weeks. Unless smuggled gold into India is significantly greater in volume than anyone understands, India’s demand will be somewhat price inelastic and its elephantine appetite for gold will have a big impact on the price of gold.