Monday, October 8, 2012
November 8 marks the next meeting of the Chinese National Congress, which meets once every five years.
This year it marks a change in leadership as seven of the nine members of the most important Politburo Standing Committee will be retiring. This includes current Paramount Leader Hu Jintao, who will step down as the powerful party's General Secretary. The Congress will elect the 18th Central Committee of the Communist Party of China and will likely elect currently touted successors into power.
This is also an extremely important date for all those following GOLD as, China is most likely to announce important easing measures to foster an expansion of Chinese markets in support of the incoming Politburo.
Gold has just run up 300 dollars off the lows in a very short period. The markets are likely to churn sideways for a little while. But any sign of easing in China is likely turbo charge the gold market. And most China watchers are looking to November 8th for just such an announcement.