Jim Rogers on the key downward pressures on Gold:
- India raised its gold import tax from 4% to 6%, which has limited the demand for gold in the world’s largest market for the metal.
- Technical analysts and chartists have been arguing that prices would fall.
- The collapse of the Bitcoin over the past two weeks coincides with many of the digital currency’s owners also owning gold.
- Cyprus has to sell part of its gold as part of its bailout.
source: Business Insider