South Korea buys $1B in gold

[calisdad]

Yup, 25 'tonnes' of physical gold. What do you suppose they are thinking?

http://latimesblogs.latimes.com/mon...h-korea-purchase-global-economic-jitters.html

 

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[Cappy Z.]

The precious metals market is currently a gambling house. The prices of gold and silver are totally artificial just like the housing balloon. There will be a major 'correction' eventually. Sure, take a gamble in the short run, but be ready to dump fast. Gold's price now is up 15.5% year to date. Silver is up 30%, but nearly all of that gain occurred amid frenzied buying in the first quarter. Silver peaked at $48.58 an ounce on April 29.

The key word here is frenzied...I'll bet the Koreans lose big time in the long term.

 

[SeaninNH]

And what EVERY country that just bought gold will lose out on it?

China, India, Mexico, Russia and Thailand are all stocking up along with a LOT of other contries.

 

[Cappy Z.]

And what EVERY country that just bought gold will lose out on it?

China, India, Mexico, Russia and Thailand are all stocking up along with a LOT of other contries.

SeaninNH
Posts: 666
Manchester, NH Detector used Detector(s) Used - Bounty Hunter Land Star

Yikes!!! I just noticed the number of your posts!
I'd put my money long term on the US dollar. European banks are crashing!!!