It is especially impressive to bulls that gold’s soaring price comes despite the central banker’s having sold 460 or more tonnes of gold in the last year and at these heights every one of these sales can already be looked back on as a mistake. Truly, central bankers bring something extra to their jobs.
Counter balancing government gold sales - proceeds to be squandered by politicians or risked in U.S. government bonds that could be depreciated away by additional printing of dollars - Spain announced last year that it central bank and banker would not sell gold next year , which might be the beginning of a trend by other gold selling central bankers. Perhaps even the central banks will begin to buy back the gold they sold , albeit than at higher prices than they sold the precious metal for.
Offsetting central banker’s gold sales , is the fact that other countries are beginning to flee the U.S. dollar by transferring these dollars to gold bullion , especially oil and gas exporting countries that are awash in dollars , major players being China, Russia amd Qutar.
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