What Bloomberg would never dream of saying, even though it screams out from this story, is that the gold ETF market is a paper market, in which “ETPs trade on exchanges with each share representing metal held in a vault” is actually untrue, (it’s a scam based on the same principle as fractional reserve banking) and will cause a market meltdown if everyone wants to take [...]
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By Nicholas Larkin and Pham-Duy Nguyen May 16 (Bloomberg) — Sales of gold coins are on track for the best month in a year amid the worst commodities rout since 2008, a sign that bullion’s longest bull market in nine decades has further to run, if history is a guide. The U.S. Mint sold 85,000 ounces of American Eagle coins since May 1 as theStandard & Poor’s GSCI Index [...] http://www.bloomberg.com/news/2011-04-29/gold-buying-central-banks-may-signal-bullion-extending-record-price-rally.html Gold, Gresham’s Law and the Dong Excerpt: But you can hardly blame the Vietnamese people for buying and hoarding gold. Not when the official base interest rate is 9%…high by the near-zero standards of the West, but even worse when you remember that Viet inflation is running at 17.5%. That means a real rate of return on Dongs [...] By Pham-Duy Nguyen and Yi Tian Jan. 31 (Bloomberg) — The “capitulation†in gold that drove the metal to its worst January in 14 years may be ending as escalating violence in northern Africa spurs demand for a haven and after a key technical indicator held. Futures traded on the Comex exchange in New York jumped 1.7 percent on Jan. 28, the most since Nov. 4, as thousands [...] By Pham-Duy Nguyen Silver prices may retreat as much as 20 percent this year as soaring demand for physical metal signals a “crowded†trade, said Barry James, the chief executive officer of James Investment Research Inc. Sales of 1-ounce American Eagle silver coins have totaled 4,588,000 in January, heading for a record, according to data from the U.S. Mint. Silver futures in New York rallied 84 percent last year, climbing to a [...] |
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