American Egale January Sales Hit Record
Gold prices rebounded to $900/oz in late morning trading in Europet from the 1.5% loss on Tuesday. According to experts, although there was a relief rally for stock market the US bond market continued to be under pressure. The selling in bonds and the dollar will spurt demand for gold and gold coins in coming days.
Meanwhile, reports show that the physical demand remains very robust with sales of gold coins and bars reaching record levels in January. The US Mint’s sales of gold American Eagles (1 oz) last month was four times higher than in January 2008.
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The robust trend in gold and gold coins is expected to continue in the near term, experts say.