Much like how China has surpassed the US in so many manufacturing and economic milestones — and South Africa in gold production — the world’s most populous country is now poised to topple India as nation with the strongest gold demand in the world.
[Read more...]More Bad News for the US Dollar’s Reserve Currency Status
June 28, 2011 By Leave a Comment
Uh-ho… The Swiss mega-bank UBS completed a survey of 80 central bank reserve managers yesterday. More than half predicted the US dollar would be replaced as the world’s reserve by a “portfolio of currencies” sometime in the next 25 years.
That UBS even conducted a survey on the dollar’s validity represents a sea change in attitude since we first published Demise of the Dollar in 2005.
[Read more...]Debunking Gaddafi’s Gold
March 25, 2011 By Leave a Comment
A Financial Times story caused a stir yesterday by discussing the large amount of gold reserves Libya has stashed away. According to official records, Libya holds 143.8 tonnes of gold reserves, placing it 24th in the world.
[Read more...]The New Word on Gold Reserve Reporting
June 22, 2010 By Leave a Comment
Today, we add a new phrase to our gold bubble lexicon: “Peacocking.?
How else would you explain this: Saudi Arabia “restated? its gold reserves yesterday, right as the spot price found an all-time high of $1,265. Last week, SAMA, the shady Saudi sovereign wealth fund, held 143 tons of gold. Today – 322 tons!
[Read more...]Saudi Arabia’s “Restated? Reserves Double its Gold
June 21, 2010 By Leave a Comment
As the yellow metal continues its fairly continuous ascent in value — and major fiat currencies largely do the opposite — net purchases of gold by central banks are looking more and more commonplace. Recent commentary from Ambrose Evans-Pritchard points out the latest sign of euro zone weakness has happened to roughly coincide with the World Gold Council's “restated” — and more than doubled – estimates of Saudi Arabian gold reserves.
[Read more...]
Passing the Gold Bar
First, a look at the markets. They’re becoming exciting. Yesterday, for example, stocks reversed some of the losses from Friday. The Dow ended up 68 points, keeping the index above 11,000.
Going the other way, gold lost $49.
What to make of it?
In our guess…both stocks and gold SHOULD be going down. That doesn’t mean they will go down, of course. But at least it gives us a point of reference.
[Read more...]