Markets are closed in the U.S. for the Presidents Day holiday, which will probably lead to very light volumes. Gold is up slightly from its six-month low on Friday, as the Chinese market returns from the week-long Lunar New Year holiday to provide overnight physical gold demand. UBS reports that gold imports to India rose after Friday’s selloff. While most likely due to the drop in gold prices, it may also be partially due to rumblings from the New Delhi government that more restrictions or duties on gold import are being pondered.
As expected, the G-20 meeting in Moscow adjourned with no condemnation of Japan for doing what most other countries are already doing as far as printing money to stimulate their economy, though it seems that they have been warned off the proposed idea of buying foreign bonds with yen to explicitly devalue it.