It doesn't stop. The peaks of yesterday (over 1.829 dollars an ounce) and this morning could only be temporary stops for the elevator that is carrying the precious yellow to the stars. According to several analysts, if the $2.000 threshold should remain intact in the coming months, the $1.900 threshold could, however, cross over. The mechanism is classic, powerfully relaunched by the clouds of global recession. Everyone hoards gold, the safe haven par excellence.
And then there are the giants of the East, to support the demand, regardless of the economic situation. India and China lead the gold rush, despite prices. "Macroeconomic uncertainty, the ongoing sovereign debt crisis and inflationary pressures should ensure that demand for gold remains strong," said Marcus Grubb, managing director of the World Gold Council yesterday. According to estimates released Thursday by the WGC, purchases in China and India rose by 25% in the second quarter of 2011.
India, in particular, is the world's largest importer of gold (covering a third of global demand) and between January and June it bought 540 tons (+21% compared to the same period in 2010). The data released by the World Gold Council show that the second quarter of 2011 marked, despite the increases, an increase in consumption of 4,6%: equal to 44,5 billion dollars, just below the 44,7 billion reached in the last quarter 2010.
