China Setting Up A ‘Very Solid’ Base For Bull Run In Gold – LBMA Delegate | Kitco News

China is a game maker and changer when it comes to the gold market, and will provide a solid base for a gold rally, says Frederic Panizzutti, global head of sales for MKS PAMP, a swiss-based precious metals firm. Besides being the biggest importer of the metal, Panizzutti said the metal that is being imported into China is not moving any time soon. ‘One thing that is not discussed enough is that most of the gold that is shifting from the West to the East will not leave China for the foreseable future. So basically, China is absorbing gold from all the centers,’ he said in an interview with Kitco News during the London Bullion Association’s (LBMA) annual event, this year being held in Vienna. ‘Over the medium to long term, China is playing a more important role than just absorbing the metal because it will be kept back, so it is providing the market with a very solid base for a long term bull trend,’ he explained. As for a near-term outlook for gold, Panizzutti said the metal is in a more or less narrow range. ‘We can finish the year somewhere between $1,220-$1,280, then it would be a good recovery already and set a good frame for next year.’ December gold futures were last quoted down at $1,176.10 an ounce. Kitco News, October 19, 2015.

Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: http://www.kitco.com/newsletter

Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: http://kitcomm.com — Or join the conversation on social media: @KitcoNewsNOW on Twitter: http://twitter.com/kitconews — Kitco News on Facebook: http://facebook.com/kitconews — Kitco News on Google+: http://google.com/+kitco — Kitco News on StockTwits: http://stocktwits.com/kitconews

Categorised as: interesting

Posted by: Alitson

Comments are disabled on this post

Comments are closed.

Disclaimers – All content here is NOT presented as investment advice; LessThunk is NOT endorsing any website or specific investment by displaying external links.

We may or may-not (coincidentally) hold some quantity of stock or other investment related to any given post, no endorsement is implied in any sense.