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Investor sentiment has switched, putting the Gold bull market "firmly back on track"…

BACK in December, I got spooked about gold, writes Steve Sjuggerud in his Daily Wealth.

In fact, I told my subscribers to sell their gold. We sold a position we’d bought back in 2003, when gold was incredibly unpopular.

What tipped me over the edge…? The morning that issue of my newsletter, True Wealth, was going to print, I’d already seen ads for gold on TV. I’d already heard ads for gold on the radio on my drive to the office.

And it was only 5:30am.

The financial data at the time backed up my anecdotal evidence. Investors were loading up on gold. And if you know me at all, you know that – as with any other asset – I want to Buy Gold when nobody is paying attention, and I want to sell when everybody is interested.

In December, everybody was interested. So in December, we sold our gold. The timing was excellent. The price of gold peaked for US investors in early December. And so did the price of Gold Coins. They have fallen maybe 20% since then, as have the precious-metals Gold Mining stocks we sold.

However, my opinion of gold has changed 180 degrees since December. It’s because investor opinion about gold has switched, from remarkably bullish to pretty darn bearish, pretty quickly. Let me show you what I mean.

Back in December, the "sentiment surveys" showed investors were at highs for the year. Now that has changed. Two weeks ago, public opinion hit its lowest level since last April (when gold was at its lows for 2009, below $900. Now THAT was a time to buy). That’s what we want to see.

Investors have also fled Gold Mining stocks since December, too. For example, the Rydex Precious Metals Fund saw its assets fall by more than half from December to today (from over $350 million to $177 million now). Traders like to use Rydex funds to chase trends. They were bullish on gold stocks in December. Now they’ve given up on gold stocks. That’s what we want to see.

Meanwhile, gold’s "price action" is just great right now. The Dollar has soared in recent weeks, but gold is soaring more. Also, investors who didn’t want Dollars now don’t want Euros either. They don’t want paper currencies at all. They’re Buying Gold.

New highs are part of bull markets, and gold is now hitting all-time highs in terms of Euros. That’s what we want to see. Because the bull market in gold is back!

Ready to Buy Gold…?

Source:Gold Bull Market is Back!

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India bought 200 tonnes of IMF gold. Now the Fund is selling another 191.3 tonnes…

WHEN INDIA announced its purchase of 200 tonnes of IMF gold in November, it added a statement that it might buy more of the International Monetary Fund’s gold as well, writes Julian Phillips at Gold Forecaster.

This implied that it was limited by the IMF to the 200 tonnes it bought. But the IMF never said that. Rather it said it would announce the sale of any other portion of their gold to the public.

It has been several months since another sale took place, leaving the IMF with 191.3 tonnes of the 403 tonnes slated for sale still up for grabs. Now with last week’s announcement, we are given the impression that central banks have not come forward to buy and are therefore not buyers.

Talk about "spin"!

China for sure would not buy if an announcement were to be made. It would rather Buy Gold once it had been sold in the open market, for it could then buy through its chosen bullion bank or bullion banks – and do so "under the radar". In fairness to the IMF, they have said they are open to central banks buying direct from them still, and will announce such sales. But you must realize that any further sales through the ‘open’ market will be done anonymously. This levels the playing field. However, all we will now hear is the completion of such sales.

If the IMF decides to sell 4 tonnes a week, we will hear about it through the ECB website in tonnage terms but with no further details. Will we hear of a 100 tonne sale done this way? Unlikely, but possible!

The gold market first reacted by fearing a dumping of this amount of gold, but once it gathered itself together, the market realized that the IMF’s open-market sales could be bullish for the Gold Price.

After all, 191 tonnes is an amount that the gold market does not see often, so a big buyer in the wings, finding that much gold for one price, might well come and bid for it. But will the IMF offer the amount to the market in one go or drip feed it? No one knows. They can now play the game as they choose.

If the IMF wants to sell its gold quickly, it is incumbent upon the Fund to accept a bid for the entire amount. But rarely is life so straightforward, these days. The reality is that there is the demand for such amounts in one sale. But the real question is, "Do the IMF want to sell it in one go?"

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Source:Spinning the IMF Gold Sales

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