23 August 2012 16:00

The minutes of the last FOMC meeting were released yesterday. The minutes showed that the doves may well be winning the battle within the Fed with regard to further quantitative easing. The result is that gold has moved some $30 to the upside.

Does that make us regret our decision yesterday to sell some gold at $1,640? Absolutely not! We sell into strength and book profits. We sell lightly into small strength and heavily into large strength. Yesterday saw some light selling and we shall sell some more if and when gold hits $1,690.

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