Sean Brodrick: The first half of this year saw relentless, almost furious selling of gold by big banks and exchange-traded funds. Investors sold 684.64 metric tons of gold held in exchange-traded products this year, erasing $54.3 billion in value.
Who bought all that gold? Buyers in China, India and other parts of Asia scooped it up at discount prices as fast as they could carry it. And there’s every reason to believe that gold demand will get even stronger… especially now that the gold-buying season is only now upon us.
The seasonal trend in gold is one that traders follow closely. Here’s a chart showing how gold moves over the course of the year.
Looking at this chart, you can see that gold traditionally bottoms in July and zigzags higher for the rest of the year.
Sure, we can have off-years and even inverse years. But consider that gold spent(...)Click here to continue reading the original ETFDailyNews.com article: SPDR Gold Trust (ETF)(NYSEARCA:GLD): Gold Traditionally Bottoms In July And Zigzags Higher For The Rest Of The YearYou are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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