Two new developments in the precious metals arena, may or may not end the recent slide in prices, but are definitely longer term bullish for the metals. Yesterday China, again cut interest rates.

While a minor positive, it is more important from a timing perspective. The Chinese supposedly hadn’t added to it’s gold holdings the last two months(I don’t buy that conclusion, just that they are probably doing so covertly) so if they weren’t buying as aggressively as they were previously, one can presume they have stepped up their buying before cutting rates.

The second and probably more imprtant development, is today’s announcement out of India, that they have lowered import taxes on gold and silver from 15% to 6%. These two Eastern powerhouses and major buyers of gold and silver are ramping up policies that support the metals and likely, their buying as well.