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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: RocketMan who wrote (83687)3/22/2001 11:27:07 AM
From: pater tenebrarum  Read Replies (1) of 436258
 
i disagree. the BoE DOES do its very best to depress the price, but it has only 100 tons left to sell, a drop in the bucket. the IMF has been blocked from selling any gold by Congress. an estimated 1/3 to 1/2 of global CB reserves has been lent out, and is de facto GONE. the BoE is rumored to be unable to settle its gold sales in bullion...instead it distributes paper promises.
consider that there are only 125,000 tons of above ground gold , worldwide. a good chunk of that is NOT for sale, under any circumstances. compare that to the MOUNTAIN of fiat money that has been printed, and global demographics. it is in fact very easy to make a bullish case for gold. besides, a structural supply/demand deficit of approx. 1,500 tons annually eats up the CB sales, and newly mined production is set to fall over the next few years, even if the price recovers.
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