Today’s gold news is the shutting down of gold coin production by most International mints. They quote this as a reaction to the extreme demand for gold coins. They also stated that by not issuing gold coins it will bring the price of gold down. That is ridiculous reasoning as small gold demand will simply shift to other forms of gold such as 1 kilo bars with known refiner stamps and serial numbers. Who knows, maybe they will even make Dinar coins.
Friday night Paulson is scheduled to speak and the President is meeting with central banks of the group of seven over the weekend. New interests in gold see that as a reason to sell.
Gold will trade at $1200 and $1650.
This is the round number dance after hitting in a single spike one area of resistance.