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SAN JUAN, PUERTO RICO, March 07, 2013 /24-7PressRelease/ -- The gold price has dropped below its $1,600 support level, setting a new lower range between $1,550 and $1,625. However, gold's relatively low pricing could prompt China, one of the world's largest bullion consumers, to take advantage of cheap gold, reports American gold dealer, Gold Price. This would boost demand and rise the gold price. Gold Price forecasts that China will begin picking up the pace on gold buying now that the Lunar New Year holiday has passed. The World Gold Council expects China to remain one of the biggest gold bullion consumers this year.
Arthur McGuire, Vice President of Gold Price, says, "We are very confident that China will take advantage of the current low price of gold. As the Chinese government is buying up more bullion in a bid to make the Yuan a world reserve currency and open up more gold investment options to private investors, it makes perfect economic sense for the country to increase purchases now. We just saw a lag in Asian demand due to the Lunar New Year holiday, but now that it's over, investors will likely want to get back on track and start buying again. We advise US investors to go long with gold, as all the economic factors that have influenced gold's inevitable rise in the last twelve years are still in place, and we can expect to see them act similarly on the gold price here in 2013."
Gold Price (GoldPrice.net) is a leading precious metals adviser with headquarters in New York, California, Texas, Utah, New Mexico and Puerto Rico. A direct gold and silver dealer as well, Gold Price specializes in purchasing, selling and trading physical gold and silver such as modern bullion bars and coins and certified rare coins. Investors can visit www.goldprice.net or call 1-800-767-1423 to receive a free award-winning gold starter's kit.
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