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Three things support this conclusion: hedge funds, gold stocks, and the macro environment. How strongly will gold bounce? That depends on other asset markets and the US dollar. If the US stock market corrects along with the dollar, the recovery in gold and gold stocks should be fierce, fueled initially by short covering . . . .

A strong dollar means a low gold price, or does it? Gold is actually one of the world’s best performing currencies this year, off just a couple of per cent compared with double-digits for the euro . . . .

From a seasonal perspective, gold tends to be a bit weak from late February until the end of the first or second week in March. Note the black arrow that I put on the chart. Also, the US Employment Situation report is scheduled for release on Friday, and gold has a tendency to often decline going into that report, and then rally nicely for several weeks after the report is released . . . .

The gold markets are at a point where two strong trend lines are about to intersect. The outcome of the face-off will determine the direction of gold markets for the next few months . . . .

Technology giant Apple (NASDAQ:AAPL) may soon buy up one third of the world’s gold in order to meet the demands of its highly anticipated Apple Watch, according to reports . . . .

For many years most of the perennially bullish precious metals commentators ... have been claiming that precious metals prices are being heavily manipulated by the big commercial banks in collusion with the U.S. Fed and other central banks ... citing as evidence various documentation ... obtained under freedom of information requests. It has always been the gold bulls’ gripe that the evidence they have come up with has been totally ignored by the mainstream media, but is this all changing . . . .

SGE gold withdrawals have hit 374 tonnes in the first six weeks of the year – a record level in the run up to the Chinese New Year holiday . . . .

No solution has been reached yet for the Greek debt crisis and this grid-lock could continue for the next few weeks as it’s usually just in the final few hours before a deadline a solution is reached. A nice strategic chess game is currently going on and some sort of agreement will eventually be reached ...

The World Gold Council Gold Demand Trends Full Year 2014 report is now available . . . .

Last year Switzerland has globally exported gold worth 65 billion Swiss Francs. India was the biggest buyer, Germany was ranked 5th. Russia delivered 55 tons more than it withdrew . . . .