The central banks of China and the emerging powers bought 535 tonnes last year to escape dollars and euros, the biggest wave of state purchases since 1964. Their strategy is to buy the dips, and they are no fools. The head of China's reserve manager SAFE" used to run a US hedge fund. They won't try to catch a "falling knife", prefering to wait until the dust settles. The upward trend of the great bull market has been broken. The technical damage is brutal. Bank of America expects a further drop to $1,200. Be patient" "http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/10001937/Fed-and-Bank-of-Japan-caused-gold-crash.html
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