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Central Banks Net Buyers of Gold for 1st Time in 20 Years

 
Biochemky
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09/19/2011 03:31 AM
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Central Banks Net Buyers of Gold for 1st Time in 20 Years
"Central Banks Net Buyers of Gold for 1st Time in 20 Years"

European central banks have become net buyers of gold for the first time in more than two decades, the latest sign of how the turbulence in the currency and debt markets has revolutionized the bullion market.

The purchases are minuscule compared with the size of the global gold market, but highlight a remarkable turnaround from a wave of heavy selling by European central banks.

The role of central banks in the gold market will be a central topic of debate at the annual London Bullion Market Association conference, the largest gathering of the gold industry, in Montreal this week.

More at link...

[link to www.cnbc.com]
Biochemky (OP)

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09/19/2011 03:34 AM
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Re: Central Banks Net Buyers of Gold for 1st Time in 20 Years
Link to program topics being discussed at the London Bullion Market Association (LBMA):

[link to www.lbma.org.uk]
Biochemky (OP)

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09/19/2011 03:43 AM
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Re: Central Banks Net Buyers of Gold for 1st Time in 20 Years
Mexico, Russia, South Korea and Thailand have all made large purchases this year, in a move to reduce their exposure to the dollar.

Globally, central banks are set to buy more gold this year than at any time since the collapse of the Bretton Woods system 40 years ago the last time the value of the dollar was linked to gold.

We’re going back to a time when gold is seen very much as money,” Jonathan Spall, director of precious metals sales at Barclays Capital, told FT.com in a video interview. “It has been a complete reversal of the attitudes we saw during the 1990s.”

[link to www.cnbc.com]

Ron Paul vs Bernanke: Is Gold Money? - July 13, 2011




Ron Paul: The value of gold hasn't gone up, it's just that the value of a dollar has gone down.


Biochemky (OP)

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09/19/2011 03:48 AM
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Re: Central Banks Net Buyers of Gold for 1st Time in 20 Years
"Of Belgium, Bonds, and Bullion"

Fear is quite obviously rearing its ugly head once again tonight...

As the US Treasury market opens for business tonight, yields are reflecting the fearful action seen in futures markets and dropping notably. The 2Y has just traded at its lowest yield ever at 15.12bps and the 10Y is trying its best to hold above yet another Maginot line at 2.0026%.

Credit markets are also starting to crack wider as they open for trading with financials and non-financials notably wider already.

While risk-assets in general are offered and safe-haven TSYs are bid, we are seeing PMs gently glide higher and note an interesting article in today's FT that asserts European Central Banks have resumed net-buying Gold after 20 years of consistent selling.

[link to www.zerohedge.com]
Biochemky (OP)

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09/19/2011 03:55 AM
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Re: Central Banks Net Buyers of Gold for 1st Time in 20 Years
"European Central Banks Are Net Buyers of Gold in 2011, FT [Financial Times] Says"

European central banks have added 0.8 of a metric ton of gold to their reserves so far this year...

It’s the first time the banks have been net buyers of the metal in more than 20 years...

Mexico, Russia, South Korea and Thailand have also made large purchases, as an alternative to the U.S. dollar...

More at link...

[link to www.bloomberg.com]

Hmmm...this could get very interesting...FAST.
Pangn

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09/19/2011 04:37 AM

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Re: Central Banks Net Buyers of Gold for 1st Time in 20 Years
Did you see the article on Apmex?

"Donald Trump accepted gold bullion for our rent payment this month on Wallstreet"

Wow
Mojofabulous

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09/19/2011 05:43 AM
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Re: Central Banks Net Buyers of Gold for 1st Time in 20 Years
News breaking that EUROPEAN central banks are now, in 2011, net BUYERS of gold is absolutely huge. Since 1999 they have sold, on average, 400 TONS of gold a year! Now it isn't just Asia and some of south/central america that is buying gold, it's also Europe! This is massively bullish for gold. The last time euro central banks were net buyers of gold was in 1985.
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Anonymous Coward
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09/19/2011 08:37 AM
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Re: Central Banks Net Buyers of Gold for 1st Time in 20 Years
And here it is in pretty chart form...

[link to www.goldmadesimplenews.com]

that's a 336% increase... in one year!
Anonymous Coward
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09/19/2011 08:50 AM
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Re: Central Banks Net Buyers of Gold for 1st Time in 20 Years
Errr,,central banks became net buyers of gold about 3 or 4 years ago.

I guess you did provide 'news' from CNBC, so it's probably about time they covered it. The small caveat being perhaps a technical focus on EU central banks, as opposed to central banks the world over.
ethericplane

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09/19/2011 09:48 AM
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Re: Central Banks Net Buyers of Gold for 1st Time in 20 Years
Is this why they raised the dollar and pushed down the price on gold artificially to create a buying opportunity?

Sneaky bastards!
say anything you want to. I have seen it all
Biochemky (OP)

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09/19/2011 11:55 PM
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Re: Central Banks Net Buyers of Gold for 1st Time in 20 Years
uh oh...

"China bank halts forex swaps with Europe banks"

Sept. 19, 2011

HONG KONG (MarketWatch) -- An unidentified Chinese state-run bank has halted foreign-exchange swaps with several European banks, with the suspension believed to include:

Societe Generale SA
Credit Agricole
BNP Paribas SA
FR:GLE
SCGLF
BNP
BNPQF
UBS AG
UBS

The Chinese bank involved is the "most active" in the market for trading those products according to Dow Jones Newswires, which reported that the halt began Monday.

[link to www.marketwatch.com]
Biochemky (OP)

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09/19/2011 11:56 PM
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Re: Central Banks Net Buyers of Gold for 1st Time in 20 Years
bump

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