Gold Headed Higher, Big Surprise From China Coming: John Doody — Kitco News

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Kitco News discusses gold prices as well as China’s gold position with Gold Stock Analysts’ John Doody on this edition of “On the Spot.” Doody says that we should not be focusing so much on the U.S. market for gold but rather the Asian market, where over half of the gold is bought. “It’s only an anomaly that the price is set here in the western world. I think that’ll change over time,” he adds. Doody says he remains convinced the gold prices are headed higher. “I suspect there’s a surprise coming from China in April,” he adds. Doody also says to look for China as they take ‘small steps’ to make their currency a world reserve currency. Commenting on the mining industry, Doody said he expects gold supply to decrease this year because of higher production costs. Watch now for more of the latest news on gold, silver and the mining industry. Kitco News, January 17, 2014.

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