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There is a strong probability that the correction in the price of Gold has been completed. In Elliot Wave (EW) terms, the correction consists of three waves, an A wave down, a B wave rally and a final C wave decline. There is usually a relationship between the A and C waves. Often they are equal or have a Fibonacci connection....

Did China just overtake India as the world’s largest gold consumer?

Little more than a year ago it would have been almost laughable to ask that question. In 2010 India’s gold consumption was a full 46 per cent – or 275 tonnes – higher than China’s, according to data from consultants GFMS published in the World Gold Council’s quarterly reports.

Even three months ago it would have been a stretch. In the first nine months of 2011, Indian gold demand totaled 743 tonnes, compared to 612 tonnes for China.

But data released in the past few days suggests that China ....

China’s latest gold figures look unrelentingly bullish. Too bullish perhaps…

SO “GROWTH has [now] replaced inflation as Beijing’s top policy concern,” says Qu Hongbin, Asian economics expert at HSBC in Hong Kong, forecasting three cuts to China’s banking reserve requirements by July.

“There is developing in Beijing, I think, almost a panic about global economic prospects and the impact of the European crisis on China,” agrees Michael Pettis, finance professor at Peking University. He goes one further and forecasts debate – if not the fact – of a currency devaluation in 2012.

Yes, you read that right. In a US election year, Beijing’s policy wonks are arguing over cutting the Yuan’s foreign exchange value, not raising it....

As someone who has been buying gold and other commodities since 2002, I can say with some authority that it is difficult to predict the price of any commodity.

However, one thing I’m fairly certain about is that after 12 consecutive years of increasing value, gold will continue to go higher in 2012.  Here’s why ....

From our point of view, there was nothing wrong with 2011. It did pretty much what it was supposed to do. We are in a Great Correction. The year just ended felt like a Great Correction is supposed to feel. High unemployment. Falling high prices. Financial crises. Stock prices losing ground. What more do you want?

On that last item, The Financial Times adds ....

Today, about 490 billion euros ($637 billion) worth of ultra-low interest "loans" will be delivered to European banks. This cash has been provided courtesy of the ECB, which denies that it will ever engage in printing money, like the Americans, Britons and Japanese have now done for many years. The "loans" are for a 3-year period. In return for the cash, the ECB accepts various forms of "collateral," which includes the debt of insolvent southern European sovereigns. This is the largest uptake of cash in the history of the European Union, including the cash given out by the ECB after the collapse of Lehman Brothers.....

By Goldrunner

Our work with Gold is based on a “Model” off the late 70’s Gold Bull that has been replicating nicely since we started the Fractal Work with Gold back in 2002 and 2003. Short-term volatile moves in Gold, as we have seen over the past weeks, do not affect our projections based on the model, leaving the expectation of a move in Gold up to $3,000 into mid-year based intact as outline in our previous article entitled Gold Tsunami: on the Cusp of $3000+?

This is no different than our projection calling for Gold going to $1860 to $1920 back in April in an article entitled Goldrunner: Gold on track to Reach $1860 to $1920 by Mid-year.  Many thought Gold’s run was finished, but then Gold shot up to tag our $1920 price target on the nose....

Could platinum be the precious metal to back in 2012? Prices have plunged recently and it is now cheaper than gold. Indeed, the platinum spot price has slumped by 26pc since its high in August and it briefly fell below $1,500 a troy ounce last week. “For the very first time, a troy ounce of gold now costs over $200 more than a troy ounce of platinum,” Commerzbank analysts led by Carsten Fritsch, said.

“The price difference between gold and platinum.....

Back in August with Gold running to parabolic wave 3 sentiment induced highs, I warned of a major top and multi-month correction.  We all know that the fundamentals for the shiny metal are stronger than ever, but you must keep in mind that the market prices all that in well l in advance.  Coupled with excessively bullish sentiment that was capped off by a USA Today cover with Gold on it, it was easy to see a major sentiment correction and therefore price decline was at hand.

If we fast forward a few months from my then blasphemous call for a top and multi month consolidation, we can see that Gold has ....

Gold Forecaster has for years now pointed to gold’s coming monetary role as collateral. We have never believed that a return to the Gold Standard was feasible in the form it was used in last century. We have never believed it would return as day-to-day money. We have always seen its return tied into its use on a global basis, most likely between governments, as we saw under the Bretton Woods system after the Second World War. We have always pointed to a time when it would return to a key monetary position in the global financial system.

Its use requires the skill to offer it as a ....