If you happen to take the full decline of gold prices from the absolute high to the recent low, it can be compared to the 2008 low. The full correction comprises almost as much as $681, what was at one time considered the fair market value of a discarded barbarous relic. Or more than twice its original value when it was considered demonetized.

Nobody is hanging out a sign for anyone exactly that a cheap, discarded barbarous relic for keepsake momento is on sale here. What has occurred is that penny-pinching middle class urbanites are taking advantage of the plain vanilla bullion price correction.

You merely go down to the foreign exchange outlet and ask for your bullion and hand over your stable reserve currency(the Canadian dollar is a reserve currency as of last year) in exchange without paying taxes of any kind.

But can you imagine having to pay four your gold in a country like India with a huge trade deficit and a depreciating currency, with new royalties, curbs and taxes added?

You would want that a cheaply available gold mine were there to invest in.

In our weekly chart, it would only take a half cent move to the upside before technical conditions are fulfilled for a rally. Likewise I'm sure there will be an abundance of shares on the ask. Bond markets are gaining momentum on the downside, which means the buy-in could be triggered.

http://scharts.co/ZRkUNV