From top to bottom of the ladder, greed is aroused without knowing where to find ultimate foothold. Nothing can calm it, since its goal is far beyond all it can attain. Reality seems valueless by comparison with the dreams of fevered imaginations; reality is therefore abandoned. – Emile Durkheim

The fundamental picture according to the data released by The World Gold Council continues to indicate improving fundamentals for Gold. However, we are not believers of fundamental analysis and have proved over and over again that proper technical analysis combined with mass psychology trumps fundamentals by a wide margin. However, let’s examine some of this data:

Alistair Hewitt, who is the Head of Market Intelligence at The World Gold Council, made the following comments

 “Looking ahead, physical demand will continue to be supported by strong central bank purchases, and continued buying of jewellery, bars, and coins by households across the world, led by India and China. If we just look at the year to date, the investment case for gold is as strong as ever. While stock markets have wobbled, gold has performed well.”

From the fundamental side, there is some more good news; The World Gold Council released its report for 2015. In this report, several things stand out which appear to be bullish for Gold.

The China and India factor

China imported 985 tons of Gold while India coming in at a distant second, imported 849 tons of Gold. These two countries accounted for 45% of total worldwide demand for Gold in 2015.

Global Gold Supplies