Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Proud Deplorable who wrote (108434)	2/18/2010 1:13:25 AM
From: John Metcalf	Read Replies (2) of 116555

Eventually, paper currencies will lose most of their value against gold, but right now, gold is down on IMF sales. When IMF sold the first half of their 400 tonnes planned, gold rallied as India bought most of it off-market. Now that the second half is being sold on-market, traders understand that as large selling pressure, even though this round of IMF sales is a bit smaller than the first one. The line of buyers include China, Chinese citizens encouraged by their government, hedge funds (including John Paulson's), other central banks, and paper gold funds who have this last chance to cover their deficient holdings. Selling should be over quickly.

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