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Monday, May 28, 2012

Central Banks doing a run on Gold

Central Banks Purchased 70.3 Tonnes Of Gold In April 2012! : Data from the IMF showed that Argentina purchased 7 tons of gold last year as the yellow metal was hitting an all-time highs of $1920.30 per ounce. UBS analyst Edel Tully said this suggests the Argentinean central bank was more concerned with increasing its gold reserves despite record prices. Sheeple do a bank run... and the big banks do a run on gold. Central banks gold purchase data from the IMF is in for April. Mexico, Kazakhstan and Ukraine added about 204,000 ounces in April. The Philippines added a whopping 1.033 million ounces in March with gold now at 13.6% of its total reserves. UBS highlighted the Philippines' gold purchase is significant as this is the second largest monthly Central Bank's purchase after Mexico's purchase of 2.5 million ounces in March 2011. Led by Mexico and Russia, central banks from 11 countries and the Eurozone added a combined 57.9 tonnes of gold in March 2012. Mexico raised its reserves by 16.8 tonnes, Russia added 16.5, Turkey 11.5 tonnes, Kazakhstan 4.3 tonnes, Ukraine 1.2 tonnes, while other ex-Soviet republics including Tajikistan and Belarus added less than half a tonne. In percentage terms Argentina made the biggest bet on gold, upping its reserves of gold by more than 10% to 61.7 tonnes over the month. The only sellers were the Czech Republic which reduced its bullion reserves by 4,500 ounces..

Tuesday, May 15, 2012

Jim Rogers Not Buying Gold Yet

Jim Rogers : "I will add [Gold to my position] somewhere along the line, but not for a while,"
"Gold has been up 11 years running, that's very unusual. Things should correct. "If gold went down 35% or 40% it would go to $1200...But that's normal, markets correct. "That's the way things are supposed to work, and that would be good for gold in the long run." - in a CNBC interview yesterday

Wednesday, May 9, 2012

Marc Faber : Gold may not perform very well in the near future

Marc Faber : Gold may not perform very well in the near future. The gold market has performed so well, we could have some setback - in MarketWatch

Tuesday, May 8, 2012

The COMEX cannot deliver says Kyle Bass

COMEX is leveraged too high for Kyle Bass . Kyle Bass explains the COMEX Fractional Reserve Bullion at AmeriCatalyst 2011, which took place Nov. 6-8, 2011, in Austin, Texas.What happens to the gold stocks when more than 4% of the people take delivery and the COMEX defaults? They become worthless because it would take a couple of years to deliver all the existing ones, problem is it won't happen. If there is a large demand for deliveries the clients will be promptly paid off and asked to go do business directly with the miners. Miners deal in reality and metal bankers deal in paper and fiction. This is what Kyle Bass has been complaining about for years...after no one listening, I guess he made his point pretty clearly....'if the system screws you, then you screw the system'

Tuesday, May 1, 2012

Jim Rogers On When To Buy Gold

Jim Rogers : What I said was, if gold gets to $1100 or $1200 or $1300, I would hope I’m smart enough to buy more. I don’t know if it’s going to go there or not. I may buy it at $1850 if war breaks out with Iran. It depends on what happens in the world. What I said was that it won’t surprise me if gold goes down much lower; that’s normal for the way markets work. And if it goes there, I hope I’m smart enough to buy more. But if it goes to $1,550, I would probably buy more. Just depends on what happened. - in Seeking Alpha

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