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Gold To Top $2,000 On Central Bank Buying: Bloomberg Chart Of The Day

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Submitted by GoldCore

Gold to Top $2,000 on Central Bank Buying: Chart of the Day

Gold is trading at USD 1,675.30, EUR 1,214.20, GBP 1,062.30, JPY 129,036.00, AUD 1,634.90 and CHF 1,503.70 per ounce.
Gold’s London AM fix this morning was USD 1,676.00, GBP 1,062.31 and EUR 1,214.31 per ounce.
Yesterday’s AM fix was USD 1,673.00, GBP 1,065.74 and EUR 1,218.05 per ounce.

Cross Currency Table

Gold is marginally higher in most currencies today and continues to consolidate at the upper end of the range between $1,600 and $1,700/oz. Physical demand for coins and bars remains very strong with GoldCore experiencing a notable increase in demand this week.

Gold in USD – 30 Day (Tick)

Gold is up nearly 3% on the week and looks set to post its biggest weekly gain in more than a month. Markets remain nervous about the risk of contagion ahead of a G20 meeting whose agenda will be dominated by the euro zone debt crisis and steps to tackle the contagion.

Gold should be supported by global inflation data this morning which remains stubbornly high particularly in emerging markets.

Inflation in China and India remains very high. In India, inflation exceeded 9% for the 10th month in a row and in China inflation is at 6.1% but the key food component of inflation rose 13.4% year-on-year in September.

European inflation accelerated the fastest in almost three years in September on soaring energy costs, complicating the European Central Bank’s task as it combats the region’s sovereign-debt crisis. The euro-area inflation rate jumped to 3 percent last month from 2.5 percent in August. Inflation in Germany also surprised to the upside this week.

 

The Bloomberg ‘Chart of the Day’ shows the proportion of gold in the international reserves of India, Russia, China and Mexico is significantly lower than the rates in the U.S., Germany and France, based on data compiled from the World Gold Council. The lower panel tracks central bank holdings in metric tons and the bullion price since March 2008.

Central banks last year were net gold purchasers for the first time in two decades.

“I certainly expect international central bank gold buying to continue, especially in emerging economies where foreign reserves are growing,” said Gavin Wendt, founder and senior analyst at Sydney-based Mine Life, which publishes reports on the metals industry. “It’s the safest option for them.”

Central banks, the biggest gold holders, have expanded reserves due to the international financial crisis. Central bank and government-institution buying totaled 192.3 metric tons in the first half of 2011, World Gold Council data show. Gold accounts for 75.4% of the U.S.’s reserves and 72.7% of Germany’s.

The ratio is just 1.6% for China and 8.2% for Russia, WGC data show.

“Governments in many places like Asia and South America are rapidly embracing gold as a security mechanism,” said Wendt, who expects gold at $2,500 in 2013. “The value of their U.S. dollar foreign reserves has drastically fallen over the past decade.” Thailand, Bolivia and Tajikistan raised reserves in August, according to the International Monetary Fund.

China's foreign exchange reserves, the world's largest stockpile, rose by $4.2 billion in the third quarter to $3.2 trillion, the People’s Bank of China said on Friday.

Central bank demand due to concerns about currency debasement and contagion remains a primary driver of gold’s bull market and means that the foundations of the bull market are very sound.

Central bank demand is strategic leading to gradual accumulation and it is long term meaning that official sector demand will provide support to prices for the foreseeable future.

Thus, continuous suggestions that gold is a bubble today and in recent years and of a gold bubble bursting and prices falling sharply as seen in 1980 is uninformed and misguided.

The world of 2011 is very different to that of 1980.

In 1980, the US was the world’s largest creditor nation. Today, it is the world’s largest debtor nation – the largest debtor nation the world has ever seen.

In 1980, China was a communist country whose citizens were banned from owning gold. Today, there are 1.3 billion Chinese people and a growing middle class who can buy gold.

The Chinese central bank did not have any currency reserves in 1980, today they have $3.2 trillion in foreign exchange reserves.

Similarly, India, China, Brazil and other emerging markets were debtor nations in 1980 today they are creditor nations with massive foreign exchange reserves denominated primarily in dollars.

In 1980, the much of the world was coming out of a period recession and stagflation. Today, we appear to be on the verge of a recession or Depression possibly involving stagflation again.

In 1980, there was no banking or sovereign debt crisis and no risk of global financial and economic contagion.

For breaking news and commentary on financial markets and gold please follow us on Twitter

NEWS

(Bloomberg) -- Gold Traders Most Bullish Since July
http://www.bloomberg.com/news/2011-10-13/gold-traders-turn-most-bullish-...

(Bloomberg) -- Central Bank Buying Means Gold to Rally to $2,000: Chart of Day
http://www.businessweek.com/news/2011-10-13/central-bank-buying-means-go...

(Reuters) -- Gold flat after Spain downgrade
http://www.reuters.com/article/2011/10/14/us-markets-precious-idUSTRE78M...

(Yahoo Finance) -- Asian stocks retreat on Spain rating downgrade
http://finance.yahoo.com/news/Asian-stocks-retreat-on-Spain-apf-19512271...

COMMENTARY

(The Telegraph) -- Europe's grand plan risks slow death by a thousand cuts
http://www.telegraph.co.uk/finance/comment/jeremy-warner/8825327/Europes...

(Beacon Equity Research) -- Dow Theory Letters Richard Russell: to Tell you the Truth, I’m Scared
http://www.beaconequity.com/dow-theory-letters-richard-russell-to-tell-y...

(ZeroHedge) -- Foreigners Dump $74 Billion In Treasurys In 6 Consecutive Weeks: Biggest Sequential Outflow In History
http://www.zerohedge.com/news/foreigners-dump-74-billion-treasurys-6-con...

(Resource Clips) -- Fort Knox or Fort Potemkin?
http://resourceclips.com/2011/10/13/auguries-fort-potemkin/

(BusinessInsider) -- Art Cashin Offers A Huge Lesson On Weimar Hyperinflation, And The Roots Of Today's Crisis
http://www.businessinsider.com/art-cashin-on-germany-hyperinflation-2011...

 

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Fri, 10/14/2011 - 07:31 | 1772791 HUGE_Gamma
HUGE_Gamma's picture

the Iranians are on the cutting edge of nuclear transmutation, the stability of the worlds monetary system is in danger if they start dumping gold coins and platinum bars on the comex and lme by the tons. the united states and israel must destroy those reactors before its too late. 

Fri, 10/14/2011 - 07:33 | 1772802 achmachat
achmachat's picture

so I guess you're going to repeat this moronic nonsense on each thread about precious metals here?

Fri, 10/14/2011 - 07:52 | 1772832 HUGE_Gamma
HUGE_Gamma's picture

im setting the record straight about down arrows

Fri, 10/14/2011 - 07:55 | 1772843 kito
kito's picture

That record belongs to robo...and you aint robo

Fri, 10/14/2011 - 09:09 | 1773032 Smiddywesson
Smiddywesson's picture

I'm not so sure Robo is Robo.  He knows too much to be anything other than a sock puppet used to rile us up.

Go Robo!

Sat, 10/15/2011 - 12:45 | 1777033 Pinto Currency
Pinto Currency's picture

 

 

Seems to me the real story is European, Middle Eastern and Asian retail physical metal buying driving gold higher. 

Central banks buying surely helps in the market while the pounding of gold and silver prices through the paper forward & futures market is causing real shortages of physical metal.

 


http://www.arabianmoney.net/gold-silver/2011/10/06/physical-silver-running-out-because-its-spot-price-does-not-reflect-true-investment-demand/

 

http://www.arabianmoney.net/gold-silver/2011/10/01/something-fishy-when-gold-prices-go-down-but-bullion-sales-hit-the-record-books/

Fri, 10/14/2011 - 08:37 | 1772928 HoofHearted
HoofHearted's picture

Yeah, nuclear Iran would surely make people much more confident about fiat, wouldn't it? Can you think beyond one issue? Or are you a typical American Idol watcher?

Fri, 10/14/2011 - 11:48 | 1773933 Jack Napier
Jack Napier's picture

The concept is that precious metals can be made radioactive. It's not out of the quesion. A geiger counter would be prudent.

Fri, 10/14/2011 - 07:35 | 1772805 LongSoupLine
LongSoupLine's picture

With auto sales skyrocketing in the middle east, I propose we develop an enormous glass parking lot somewhere in their central region...say, ohhh somewhere around ancient Persia perhaps.  It's simply a logical business decision, nothing personal.

Fri, 10/14/2011 - 07:37 | 1772809 AndItsGone
AndItsGone's picture

Don't you have a $0.37 check from David Axelrod's astroturfing company to cash?

Fri, 10/14/2011 - 07:38 | 1772812 Esso
Esso's picture

Soooooo, did you forget your [/sarc] tag, or are you just a retard?

Fri, 10/14/2011 - 07:41 | 1772818 JenkinsLane
JenkinsLane's picture

Gee, I wonder why you think that? I wouldn't know, I'm just a dummy.

Fri, 10/14/2011 - 09:23 | 1773107 caconhma
caconhma's picture

Italians have Mafia.

Jews have Zionism.  Zionism is the Jewish Mafia. Their purpose is to destroy the USA, its economy, and its democratic institutions.

As for Israel, it is not any different from South Africa 20-30 years ago. Israel is a racist & militaristic state. Its future will not be any different than of the old racist South Africa.

As for America and its people, we do NOT need any WWIII. We do not need our people dying for Israel!

 

Fri, 10/14/2011 - 10:08 | 1773299 Abitdodgie
Abitdodgie's picture

Why not if they are stupid enough to go , let them

Fri, 10/14/2011 - 11:52 | 1773954 Jack Napier
Jack Napier's picture

@HUGE_tool
While they're at it, they ought to destroy your kitchen microwave and laptop.

Sat, 10/15/2011 - 17:09 | 1777596 Black Friday
Black Friday's picture

If they just dumped bars on the open market it would lower the value of their own product, a product that already cost way more in energy than could ever be recouped at even 10X the current market price, and a product that would most likely be highly radioactive.

Fri, 10/14/2011 - 07:30 | 1772792 LongSoupLine
LongSoupLine's picture

"He who has the gold..."

 

Fri, 10/14/2011 - 07:30 | 1772793 GeneMarchbanks
GeneMarchbanks's picture

Methinks China has at least double what they report.

Fri, 10/14/2011 - 07:35 | 1772804 BigJim
BigJim's picture

Methinks you're probably onto something there.

Methinks the same goes for Saudi, Iran, Kuwait, etc, etc.

Fri, 10/14/2011 - 09:19 | 1773082 Smiddywesson
Smiddywesson's picture

I guess this is a good place to address this.  I used to think that all the world's central banks were in on this, slowly acquiring gold according to some agreed upon schedule to avoid running up the price on themselves.  I don't think that proved out. 

Obviously some countries are buying gold and not reporting their holdings, but I think others are coming late to the table and are just starting to realize that the Fed and the ECB are scheming to screw everyone.  Clearly Venezuela now gets it, and wants to take possession of their gold.  I think from here on out other nations are likely to ramp up their gold purchases to try to catch up and replace their foreign reserves with gold. 

We're coming into the home stretch where 75% of the US reserves are in gold and nations are dumping treasuries.  Any one of these factors, panicked buying by central banks without gold, the US and ECB reaching target 100% gold reserves, or worldwide dumping of treasuries, could bring about End Game where a new system is announced and the price of gold is intentionally ramped.  If anyone plans on doing any more stacking of physical, I would strongly recommend doing it this month.

Fri, 10/14/2011 - 09:49 | 1773224 Panic Panic Panic
Panic Panic Panic's picture

You've convinced me.  It's a BK triple stacker for lunch today!  To Hell with cholesterol!

Fri, 10/14/2011 - 07:38 | 1772813 LongSoupLine
LongSoupLine's picture

That's crazy talk...after all, Bernank said gold is not money.  Why would they waste their time on such a silly yellow element?

Long cotton and linen futures.

Fri, 10/14/2011 - 08:46 | 1772950 Long-John-Silver
Long-John-Silver's picture

Gold is backed by nothing. That's what a young lady told me just a few days ago.

Fri, 10/14/2011 - 09:22 | 1773101 Smiddywesson
Smiddywesson's picture

Hee, hee, that statement will live forever as the stupidest financial comment ever made.

It's an immortal sybol of the mental control exerted over the last century

Fri, 10/14/2011 - 15:34 | 1774920 Thisson
Thisson's picture

It's true! That's why everyone should get themselves into a rock solid currency like the ZIM:

http://thisson.tumblr.com/tagged/zimbabwe

 

 

Fri, 10/14/2011 - 08:35 | 1772925 terryfuckwit
terryfuckwit's picture

dead right you are.. but is there any chance of any event that would expose the lying bastards.. and thats all the lying bastards including the chinese to accurately account for their gold reserves... just a guessing game until it is needed for something...

Fri, 10/14/2011 - 09:54 | 1773251 moondog
moondog's picture

These countries need to keep their gold totals to themselves. Nobody wants to be the next Libya. I wonder how history would be different if Libya had nukes? 

Fri, 10/14/2011 - 07:31 | 1772794 Gringo Viejo
Gringo Viejo's picture

Keen sense of the obvious.

Fri, 10/14/2011 - 07:32 | 1772796 BigJim
BigJim's picture

...World Gold Council data show. Gold accounts for 75.4% of the U.S.’s reserves and 72.7% of Germany’s.

I wonder how much of Germany's gold is sitting in the FRBNY's vaults?

Good luck getting that back when the SHTF, guys.

Fri, 10/14/2011 - 07:54 | 1772841 Esso
Esso's picture

That's really good thinking on Germany's part.

I think I'll unload my vault and give my goods to my bankrupt neighbor for safekeeping. I'll be able to get it anytime I want because he's just across the street.

Fri, 10/14/2011 - 09:25 | 1773119 Smiddywesson
Smiddywesson's picture

...World Gold Council data show. Gold accounts for 75.4% of the U.S.’s reserves and 72.7% of Germany’s.

I wonder how much of Germany's gold is sitting in the FRBNY's vaults?

Good luck getting that back when the SHTF, guys.

Rubbish.  The Fed and the ECB are marching in lock step to pull this off.  They intend to stay on top of the world power structure and won't endanger that by fighting each other.

Fri, 10/14/2011 - 14:36 | 1774680 faustian bargain
faustian bargain's picture

History is replete with examples of such allies becoming enemies.

Fri, 10/14/2011 - 07:32 | 1772797 broke433
broke433's picture

Gold may reach 2000 = 300 dollar gain.

Gold may fall to 1200 = 500 dollar loss.

Fri, 10/14/2011 - 10:54 | 1773596 baby_BLYTHE
baby_BLYTHE's picture

Well since everyone is so darn bearish on Gold, looks like its time to buy.

Fri, 10/14/2011 - 11:21 | 1773769 Johnny Lawrence
Johnny Lawrence's picture

Disagree.  Right before the recent big decline in gold, every brokerage firm under the sun increased their gold targets to ~$2k.

 

Fri, 10/14/2011 - 14:37 | 1773899 baby_BLYTHE
baby_BLYTHE's picture

Gold falling from the peak of 1900-1200 is that not a bubble? There is no way gold can be a bubble with all the money that has been printed worldwide, 0% interest rates, debt/gdp ratios 90%+, unfunded liabilities... I could go on.

Now everyone on ZH is lock step staying gold is a bubble?

I dearly miss the old ZH. The debates, discussions, in depth analysis many users presented, even the old trolls (Masterbates, Johnny Bravo, Harry Wanger) even Robo was better back in the day.

The changing of times :/

Fri, 10/14/2011 - 07:33 | 1772801 broke433
broke433's picture

Paulson sells gold = $500 gold

Fri, 10/14/2011 - 07:36 | 1772808 qussl3
qussl3's picture

Paulson holds GLD.

If he liquidates there are big fish waiting to pick up blocks on the cheap just to redeem baskets.

 

Fri, 10/14/2011 - 07:38 | 1772815 achmachat
achmachat's picture

ever thought about how unaffordable physical gold and silver would be if SLV and GLD didn't exist?

Fri, 10/14/2011 - 09:27 | 1773123 Smiddywesson
Smiddywesson's picture

Why guess, you're about to experience it yourself very soon.

Fri, 10/14/2011 - 14:39 | 1774687 faustian bargain
faustian bargain's picture

...because buying less than an ounce is soo complicated.

Fri, 10/14/2011 - 07:38 | 1772811 BigJim
BigJim's picture

$500 dollar gold = BigJim owning a lot more gold.

And yes, you can eat it. Over and over again.

I'd recommend giving it a wash in between, though.

Fri, 10/14/2011 - 07:50 | 1772836 apberusdisvet
apberusdisvet's picture

The WGC is a propaganda arm of the bullion banksters.  There is much anecdotal evidence that countries in the ME own far more gold than stated and the numbers for Russia and China are suspect.  The larger issue in the supposed holdings of the US and Germany.  It has oft been postulated that there are many "owners" of the same bars in the various vaults.

Fri, 10/14/2011 - 09:29 | 1773137 Smiddywesson
Smiddywesson's picture

The central bankers have had years to replace those bars.  They are clearly buying, and God and Ben only know how much.  They would be fools to not replace them when gold is so cheap.  You can bet the gold is there.  It may not have been before, but it's there now.

Fri, 10/14/2011 - 07:55 | 1772839 JonNadler
JonNadler's picture

you still can't eat gold even if it goes to 2000

Fri, 10/14/2011 - 09:14 | 1773056 Clint Liquor
Clint Liquor's picture

But fiat is always delicious and nutrious.

Fri, 10/14/2011 - 16:03 | 1775039 Chaffinch
Chaffinch's picture

And it's high fibre, so very good for the bowels.

Fri, 10/14/2011 - 08:14 | 1772844 JustObserving
JustObserving's picture

All the gold mined in human history is about 5.3 billion ounces.  Some of it may be lost. A very fair optimistic estimate of all the value of gold in this world may be about $8 trillion.

Now compare that to US debt of $15 trillion and unfunded liabilities of $116 trillion (per USDebtclock.org) and growing at $8.6 trillion a year.

Or compare that to the value of land in Beijing in January 2011:

"According to the China Economic Weekly magazine, property prices are currently so high that the total value of land in Beijing, estimated at 130 trillion Chinese yuan (US$19.74 trillion), surpassed the United States' gross domestic product of US$14.5 trillion for 2010."

Gold goes much higher than  $2000 - and sooner than most think.

 

Fri, 10/14/2011 - 10:16 | 1773344 Smiddywesson
Smiddywesson's picture

Gold goes much higher than  $2000 - and sooner than most think.

Yes, the change in prices has to be unanticipated and violent for TPTB (those that can ramp the price and stand to profit from it) to reap the most rewards.  This isn't the housing industry where price discovery happens over the course of months and months.  When gold pops, there will be no opportunity for the common man to jump aboard.

Fri, 10/14/2011 - 08:00 | 1772851 Chaffinch
Chaffinch's picture

The Central Banks are in a giant poker game - some will be bluffing by exaggerating their holdings, but my bet would be that they are more likely to have some other gold they are keeping secret (maybe just by extending the delay factor for announcing their purchases).
I suppose we have to allow for the possibility that some of them might be telling the truth - but the only thing I am sure of is that they want it badly (confirmed by Ben feigning complete disinterest) and the price is going up, this year, next year, and the year afterwards.

Fri, 10/14/2011 - 08:13 | 1772873 youngman
youngman's picture

I think the location of the gold is important.....The Chinese if they buy in the open market will want delivery...Chavez was first to ask for the order...others will follow....this will bring the paper market to bear....do they have the metal or do they not...

Fri, 10/14/2011 - 08:19 | 1772890 eddiebe
eddiebe's picture

Gold 2000 is a given. The real question is: How long can the banksters keep the lid on it so they can keep the fiat game going, and which ( or what ) will be the currency linked to gold.

Fri, 10/14/2011 - 10:39 | 1773510 Smiddywesson
Smiddywesson's picture

FOFOA appears to believe that it's likely central bank reserves will be held in gold and foreign reserves will no longer be considered as reserves.  That would, of course, require a truely fantastic gold price for such a small amount of gold in the world to serve this purpose.  It sure would make their balance sheets more stable in the blink of an eye, but we'll see. 

Some things are certain.  The current fiat system is doomed.  We are not returning to a pure gold standard but something referrenced to gold that central bankers can continue to exploit.  Gold prices will continue to rise no matter what the details of the new system are, because the people who are creating that system are buying gold and lying about it

Fri, 10/14/2011 - 15:01 | 1774793 Chaffinch
Chaffinch's picture

Smiddy - you've hit the nail on the head. They are buying and lying.
They have a massive task (to acquire as much as possible before major revaluation) and it is vitally important for each country's future economic strength for their CB to succeed in accumulating as big a stash as possible.
How long will it take them before they are ready? If I was in their shoes I would want as long as possible, but I would be in an increasing hurry.
How long have they been activel increasing their gold reserves? My guess would be since 2008/9 - as sson as they realised the depth of the global banking crisis and where it would lead to. They hate gold - this is not a direction they would have chosen - but as you say it would make their balance sheets look great - no more 'sovereign debt' problems (for those countries with enough gold).

Fri, 10/14/2011 - 15:08 | 1774835 Chaffinch
Chaffinch's picture

After the big revaluation those with gold become wealthy. The govt will be fine with that - wealthy people provide demand for goods and services. There will be plenty who are destitute to do the work...
Mines will become fantastically rich - but here in the UK they had a one-off retrospective 'windfall tax' on North Sea oil companies - so I am sure a lot of that wealth will be taxed away.

Fri, 10/14/2011 - 08:43 | 1772940 terryfuckwit
terryfuckwit's picture

somehow it seems glaringly obvious that states and countries that begin ntrading with gold/silver will lead us out of the abyss... this is where you need to be to get ahead of the curve..simples

 

amen

Fri, 10/14/2011 - 09:12 | 1773044 Clint Liquor
Clint Liquor's picture

When viewing Central Bank Gold holdings it is important to understand that much of it (although they show it on their books) has left their possesion through leasing. The lessee has sold it on to the market. The Central Banks really only hold a portion in physical and the rest in paper. Counter party risk anyone?

Fri, 10/14/2011 - 10:51 | 1773582 Smiddywesson
Smiddywesson's picture

That was most certainly the case several years ago, but since central banks are in control of that game, and they can clearly see the edge of the cliff approaching, they have no doubt been reversing the process as fast as they can and are replacing that gold, and even adding to it. 

The end of the game is coming, and the Fed and the ECB intend to come out on top.  The trouble with the "vaults are empty" theory is it assumes that the rules don't change during the game, and that the central banks don't make the rules.  They do.

In This Time It's Different, Reinhart and Rogoff wrote that, on average, a nation's debt rose by 85% in the 3 years following a banking crisis.  Maybe when a bank crisis occurs, nations always bail them out because they need to hide all the skeletons.  Maybe that's what's really going on here.  They need to prop the banks up long enough to unwind those gold leases and get the gold back in the vaults.  Clearly, they are not fixing a damn thing, they are just stalling and buying gold. 

Fri, 10/14/2011 - 12:05 | 1774029 I only kill chi...
I only kill chickens and wheat's picture

So how much gold is held in U.S. in phys form. If/when fiat crashes do you think the US gov is going to honor any paper claims in the New York vaults, or anywhere on U.S. soil and say sure Germany or whoever, we'll send your Gold right over too yea, no problem. Chavez, nutty as he is, could be making on of the smartest 1st moves ever.

Fri, 10/14/2011 - 16:06 | 1774869 Chaffinch
Chaffinch's picture

Yep - I completely agree Smiddy.
They also effectively control the markets, and are using the markets to increases their holdings. Sure - when they push the price down they have to sell some - but they are not stupid - I am sure they buy back more than they sold once they have pushed the price to a level they want (and forced out sufficient 'weak hands').
They can time their trades to have greater effect, e.g. by selling a large chunk at the same time as a margin increase is announced, and then they can buy back slowly whilst all the other traders are too bruised /shocked to join in. They know where the ceiling is - they know where the floor will be - they have limitless fiat to play with - how could they lose??

Fri, 10/14/2011 - 09:17 | 1773077 eddiebe
eddiebe's picture

Anyone else notice how TPTB smack down gold before something big comes down, like when the Swiss linked to the Euro? I wonder if the latest take down in gold was pre emptive of the China treasuries dump that will probably come after the Senates first salvo in the U.S./ China trade skirmish.

It will become increasingly important for those same powers to deflect the anger that is manifesting in the occupy wall street movement and aim it at the next convenient enemy. Who will it be?

Fri, 10/14/2011 - 09:28 | 1773132 Poor Grogman
Poor Grogman's picture

I dont know what the CBs are wasting their time buying Gold for?
When the ponzi blows up the people will take what is rightfully theirs.

They will have no other choice ..

Divvy up the gold or starve.

The banksters will be powerless when the house of cards comes down.
When your power comes from the ability to print money and that money is no longer accepted then you are toast.

If the bankers had sense they would head for the exits now, the window of opportunity is closing.

This will be a historic reset.

The hyperinflation to end all hyperinflations.

Fri, 10/14/2011 - 09:48 | 1773205 PulauHantu29
PulauHantu29's picture

This is impressive. I'll have to give gold another look even though you can't eat it.Thank you.

Is there an ETF for gold?

Silver?

Fri, 10/14/2011 - 09:50 | 1773231 Bansters-in-my-...
Bansters-in-my- feces's picture

I bet USA.Germany and France,all own the SAME gold.

Book Cooking....you know.!

Fri, 10/14/2011 - 09:58 | 1773265 Bansters-in-my-...
Bansters-in-my- feces's picture

I guess it's "tradition" why the USA holds(supposedly) 75.4% of thier reserves in gold.

Fri, 10/14/2011 - 10:04 | 1773289 Bansters-in-my-...
Bansters-in-my- feces's picture

Foriegners dump $74 Billion in US Treasurys in 6 consecutive weeks.

Got Gold...?

Fri, 10/14/2011 - 11:11 | 1773700 tongue.stan
tongue.stan's picture

One word for everyone to ponder: TUNGSTAN.

 

Ther is deceit, ponzi, fraud everywhere; why not PMs?

Fri, 10/14/2011 - 14:45 | 1774700 faustian bargain
faustian bargain's picture

So? I see only upside, for people who own real gold. Tungsten is nothing but a physical version of GLD, except it's easier to detect the fraud.

(Hint: if you're buying big gold bricks, maybe have them tested before purchasing.)

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