ScoobaSteve
Full Member
Some convincing headlines (CRH'ing is for me):
IRAN Purchases $75 Billion of Gold Bullion
http://www.goldbullioninsider.com/0811/iran-buys-75-billion.php
"It is clear that Iran has embraced a significant change in economic strategy. To buy gold. And lot's of it. Will other world governments follow?
Yes, in fact, the trend has already begun. Saudi investors have recently purchased $3.47 billion on gold bullion. And now there is talks that China may be increasing it's estimated 600 tons of gold supply into and beyond the thosand ton mark.
What's interesting about all of these big moves into gold, is that the current spot price of gold remains relatively unchanged from it's 30 day average of $750. How much gold does a country have to buy before the gold prices skyrocket back up to realistic levels? A trillion dollars worth of gold bars? Or perhaps if China does buy $5 trillion worth of gold, maybe - just maybe - we could see gold breakout past $1000 per ounce.
The reality is that gold is a finite resource - and eventually all of the demand is going to result in an explosion in gold prices. Whether it's a survivalist in Texas stocking up on guns and gold coins, or it's a Wall Street legend like Jim Rogers following his proven commodity strategy, or it's the Iranian government converting it's dollar reserves into gold - it seems that everyone wants gold. "
Chinese yuan set to replace dollar
http://www.asianews.it/index.php?l=en&art=14131&size=A
"Beijing has launched the experiment of using the yuan as a reserve currency in relations with 8 countries. Chinese exporters are asking to charge in yuan instead of dollars, because the U.S. currency is losing value."
Merrill Lynch says rich turning to gold bars for safety
http://www.telegraph.co.uk/finance/fina...ch-turning-to-gold-bars-for-safety.html
U.S. Economy: 2008 Payrolls Drop Biggest Since 1945
http://www.bloomberg.com/apps/news?pid=...087&refer=home&sid=ayRiTqF7A5Ag
BOE Cuts Rate to Lowest Since Bank’s Creation in 1694
http://www.bloomberg.com/apps/news?pid=...087&sid=avTXAfm9.vhM&refer=home
State unemployment claim systems overwhelmed
http://news.yahoo.com/s/ap/20090107/ap_on_re_us/unemployment_glitches
IRAN Purchases $75 Billion of Gold Bullion
http://www.goldbullioninsider.com/0811/iran-buys-75-billion.php
"It is clear that Iran has embraced a significant change in economic strategy. To buy gold. And lot's of it. Will other world governments follow?
Yes, in fact, the trend has already begun. Saudi investors have recently purchased $3.47 billion on gold bullion. And now there is talks that China may be increasing it's estimated 600 tons of gold supply into and beyond the thosand ton mark.
What's interesting about all of these big moves into gold, is that the current spot price of gold remains relatively unchanged from it's 30 day average of $750. How much gold does a country have to buy before the gold prices skyrocket back up to realistic levels? A trillion dollars worth of gold bars? Or perhaps if China does buy $5 trillion worth of gold, maybe - just maybe - we could see gold breakout past $1000 per ounce.
The reality is that gold is a finite resource - and eventually all of the demand is going to result in an explosion in gold prices. Whether it's a survivalist in Texas stocking up on guns and gold coins, or it's a Wall Street legend like Jim Rogers following his proven commodity strategy, or it's the Iranian government converting it's dollar reserves into gold - it seems that everyone wants gold. "
Chinese yuan set to replace dollar
http://www.asianews.it/index.php?l=en&art=14131&size=A
"Beijing has launched the experiment of using the yuan as a reserve currency in relations with 8 countries. Chinese exporters are asking to charge in yuan instead of dollars, because the U.S. currency is losing value."
Merrill Lynch says rich turning to gold bars for safety
http://www.telegraph.co.uk/finance/fina...ch-turning-to-gold-bars-for-safety.html
U.S. Economy: 2008 Payrolls Drop Biggest Since 1945
http://www.bloomberg.com/apps/news?pid=...087&refer=home&sid=ayRiTqF7A5Ag
BOE Cuts Rate to Lowest Since Bank’s Creation in 1694
http://www.bloomberg.com/apps/news?pid=...087&sid=avTXAfm9.vhM&refer=home
State unemployment claim systems overwhelmed
http://news.yahoo.com/s/ap/20090107/ap_on_re_us/unemployment_glitches
