We write decently about gold lately, mainly due to the fact that for him so greatly changed perspective. January draws its first monthly fall in gold prices over the past six months. In addition, subject to, unless you consider the main rally in prices today or Monday, January is also likely to become the worst month for gold since October 2008, in other words, after the crisis of Lehman Brothers.
Most falls are usually valid for the bulls as a new opportunity to buy. Of course, a sense of the market at this time that all is not quite true. For example, contributions to the ETF (according to Bloomberg) slipped back to levels last August. In addition, the weekly CFTC shows that the net profit position is at a minimum level since July 2009.
Another thing that we pointed out at the end of last year, was in the fall of the relationship between gold and real interest rates. Global real interest rates moved up this month, and in normal circumstances they would have exerted downward pressure on gold, which had taken place. Over the past ten years, every drop of more than 7.3%, as this month, followed by a rebound in the next. If in February will be another month of decline, while the technical picture looks quite ominous.
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