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There is other hot-off-the-press evidence that the golden pot is starting to boil...

It is possible the central banks of Russia and Argentina are buying gold. There is also unconfirmed talk that the central bank of China and other sovereign wealth funds may be buyers. Since these countries have trillions more cash than Western central banks have gold, it is easy to envision a scenario where central banks as a whole become net buyers, even if some countries continue selling.

Over 50 countries are now experiencing double-digit price rises. Ukraine is now at 29%, and in the Gulf states inflation is out of control. Russia is at 15%, and India is close behind at 11%. China is on the cusp, at 7%. Interest rates are still below inflation rates in much of the emerging world.

The supply/demand picture for gold is getting tighter every month... Older mines are playing out, rising costs threaten the marginal operations, and large new deposits are simply not being discovered. Yet demand in all categories is up – industrial, jewelry and investment. And the potential for investment dollars to flee to gold is tremendous; consider that the sum total of the world’s paper financial assets (including equities, bonds and bank deposits) equals US$74.5 trillion. Yet the value of all physical gold held by private investors and central banks is just US$1.1 trillion. A mere 5% of that going into gold would be $3.725 trillion. What do you suppose that would do to the gold price?

The Gold Mania is nigh. In fact, our research shows this is the last summer you will be able to buy gold for 3 figures. Do you have enough? Perhaps the most transparent way to find the answer is to ask: will you feel like you bought enough gold when it’s selling for $2,000 an ounce?

Článok: news.goldseek.com/GoldSeek/1216407036.php

25.07.2008

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value."   Alan Greenspan