GREY:AVGCF - Post by User
Comment by
texasbobon Dec 04, 2009 8:16pm
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Post# 16556513
RE: RE: RE: I hate buying opportunities!
RE: RE: RE: I hate buying opportunities!Just came across this article which pertains to my last concern.
Physical gold piling up in vaults: ScotiaMocatta
2009-12-05 06:11:07
A senior figure at ScotiaMocatta says that gold investment demand ispushing the yellow metal to record prices. With the US dollarcontinuing to struggle, money has been flowing into gold - which movesin the opposite direction - in huge quantities in recent weeks andmonths.
NowAndrew Montano, a director at the Toronto-based bullion dealer, hasexplained that the Gold Price rally has been particularly fuelled by astrong desire for physical investment.
"Physical goldcontinues to be piling up in vaults. There is a lot of metal built upin vaults owned by exchange-traded funds as well as private funds," hetold the news provider.
Meanwhile, a number of central banksacross the globe have been snapping up gold after the InternationalMonetary Fund announced its intention to sell 403.3 tonnes inSeptember.
Shuji Sugata, a manager in the research team atMitsubishi Futures Corporation, explained that this trend isundoubtedly positive for anyone with a gold investment.
"Reservediversification moves by non-G7 central banks underscore investordetachment from US dollar assets and are clearly reflected in gold'srally," he told Reuters.
Courtesy: bullionvault.com
What happens when all these ETF's try to disgorge themselves of their bullion at the same time?
Something to keep in mind.
Y'all have a nice weekend
Now all I need is pocket aces. :-)