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Mike Kosares: Gold chart staging areas
11:47a ET Wednesday, February 27, 2013
Dear Friend of GATA and Gold:
Despite the gloom and despair among retail gold investors, Mike Kosares of Centennial Precious Metals in Denver writes today, the price chart suggests that gold has simply entered another "staging area" similar to those that have developed throughout its long bull market.
Kosares notes in conclusion: "During the most recent fiscal year (September) for the Central Bank Gold Agreement, the central banks sold a grand total of 4 tonnes of gold out of a 400-tonne allotment. In the real world of gold mobilizations, central banks bought 534.6 tonnes of gold -- the highest level of purchases in half a century. (And that's what we know about -- China tends to keep its activity in the gold market secret.) Central bank buyers are unlikely to see the recent selloff as a deterrent. Like their counterparts in the private sector, they are likely to see it as a buying opportunity."
Kosares' commentary is headlined "Gold Chart Staging Areas" and it's posted at Centennial's Internet site, USAGold, here:
http://www.usagold.com/cpmforum/2013/02/27/gold-chart-staging-areas/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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