Friday, 22 February 2013 17:49
The Bull/Bear Gold Argument
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*The bullish argument for gold*. Central banks bought 535 tons of gold in 2012. This is the most since 1964. Net purchases by central banks accounted for 12% of overall demand in 2012. ETFs purchased 279 tons. The bar and coin market was 1,259 tons. Until four years ago, central banks as a whole had been net sellers for 15 years. They had been selling 400 – 500 tons. Now, they’re buying 500 tons. This is a large swing in a 4,400 ton market. * The bearish argument for gold~ Central banks bought 535 tons of gold in 2012! Central banks are some of the worst gold investors available. The Bank of England's massive sale marked the bottom of the gold market a couple of decades ago.
*The bearish argument against gold*. George Soros cut his investment in the SPDR Gold Trust by 55%. Billionaire investor Louis Moore Bacon sold all of his investment in the same ETF.
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ReggieMiddleton: @Digikelly @pdacosta @hmtreasury @ReutersJamie many thanks, original article is here, much more to the conversation http://t.co/wCr1I59MNY19 hours ago from HootSuite
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