hock of all shocks, the IMF announced the Chinese yuan will not be admitted into the SDR until at least Sept. 2016.
What exactly does this mean? I can tell you the gold community is so shell shocked and fearful at this point, it “must be bad for gold”, right?
Going back a couple of weeks, China announced they had accumulated another 600 tons or so of gold to the near panic of precious metals investors. This announcement would be used as another shot at taking price down because the Chinese “don’t like gold as much as we thought”. This was the prevailing sentiment.