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Gold/Mining/Energy : Gold Price Monitor

GDXJ 144.21

-0.6%

Jan 26 4:00 PM EST

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To: Graystone who wrote (91173)	11/14/2002 2:45:23 AM
From: E. Charters	Read Replies (2) of 116922

70% of gold goes to jewelry. 15 % of gold goes to industry. (Electronics-- computers etc and other plating..) Only 15% is held by banks. Two of the largest consumers are India and Italy for jewelry. Italy is the largest western world jeweler. The LBMA gold paper trade exceeds the physical trade by many times, but it is not quoted or followed. The London gold fix is by the Rothschild's bank. It is a private fix based on trade of only 2500 ounces per day. It is set to suit their purposes, but it suits the purposes of Central Banks well now who wish to make money on their deposited gold and to depress the price to support currency, particularly the Euro. Most of the gold is held in central clearing houses and does not leave there ever. Much gold is held by the IMF. It is thought that most of the physical gold in the US was sold by the Nixon Administration to buy oil in the 70's as the Saudis were demanding it then. So fort knox is empty. I know that Canada holds less than 26 tons of Gold! Trust Mulrony and the liberals who have been selling it since the 70's. The Saudi gold is probably held in the US, which makes a nice hostage. I don't believe the gold carry trade is important but in countries like France and China, much gold is still in private hands and is buried, not in banks. With wavering currencies, which, judging by the interest rate must be coming soon, more gold will go to private hands. 200 tons is not much to go that way each year. (say 200 K persons putting aside $15K a year) If common people start buying gold as a hedge as they used to in the 70's the price could take off quick. EC<:-}

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