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China Buying Up Physical Gold May Spark Shortage In US
Posted February 13th, 2014

Laguna Beach, CA, Feb 13 (Tangible Investments) - The Gold price was modestly higher on Wednesday as the precious metal inched up $0.52 or 0.04 percent to close at $1,291.17 an ounce, yet it continues to hover near three month highs and appears poised to break through considerable resistance in the $1,300 an ounce area. Silver inched higher, as well, adding $0.01 or 0.01 percent to close at $20.21 an ounce.

There have been signs recently that the outflows from the large Gold ETFs, also known as paper gold, may be slowing and possibly reversing, as there have been no sales out of GLD over three of the past four weeks. Recently published research by Thomson Reuters GFMS argues that the decline in the gold price last year was caused primarily by the offloads from the gold ETFs.

If there has indeed been a reversal in the outflows from the ETFs and demand picks up in Asia as it did last year with investors returning from the Lunar New Year holiday, we could see the Gold price extend much higher. Experts believe that a serious shortage of physical gold could develop in the West if that happens and it could trigger even higher prices.

Dennis Gartman, of The Gartman Letter, doesn't believe the latest rally in Gold is over yet, not by a long shot. "In the past week or so, it's been necessary to turn bullish on the gold market," said Gartman on Yahoo. Gold has overcome key resistance levels in most of the major currencies, including the dollar, says Gartman. "We're seeing some important breakouts in gold relative to all other currencies, and I think that's important."

He also points to several other factors supporting gold: the Federal Reserve's accommodative  monetary policy, global currency deflation, a bottoming of commodity prices and strong demand from China. "The Chinese are back buying gold in a rather aggressive fashion," added Gartman. "China's demand for gold last year was up 41 percent from the previous year. Those are impressive numbers."

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