"just dumped" is a little misleading. It sold this gold throughout May, after sales of 40 tonnes each in March and April. Presumably these sales have already had whatever effect they're going to on the market.
I don`t see why this should change,especially as it doesn`t benefit from the commodities metals boom.
The problem with gold is that it acts like a currency but one receives no rent or dividend.It`s like putting your wad in a drawer and coming back in a few years...your money is worth a whole lot less due to inflation.
None of the major currencies is backed by gold.
The major central banks orchestrate the value of their currencies against each other,with no consideration of the price of gold.
Thus gold has been a bad investment for the past 20 years or more .
I don`t see why this should change,especially as it doesn`t benefit from the commodities metals boom.
Which would suggest that in an economic downturn gold prices will fall with everything else as commodity demand eases.
Do you think with the price of gold rising that the US government are happy and could possibly sell off their gold reserve´s and thus slashing their trillion foreign deficit before Bush leaves office and that would put loads more gold on the market and prices would drop in gold
you would have to think this could happen early next year before Bush leaves office
just a though!!
could the fed let gold go to 2500 dollars
This is very worrying for the whole economy hope it will soon end.
http://news.bbc.co.uk/1/hi/business/7070935.stm
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