Price of gold is anybody's guess. China already picked up 1500...

Price of gold is anybody's guess.

China already picked up 1500 tons this year and probably another 200 tons this year. Then again BIS dumped 50 tons paper gold on thin markets over a few minutes the other day to pound gold down to where it dumped. POG is a lot dependent on bullion banks and Fed intentions, it isn't really a market where you have paper leveraged 100:1 And gold pounded at every options expiration like clockwork and so on and so forth.

They went a bit far this time, dropping gold below many a producers production cost..which will cause supply to diminish putting more upward pressure on, and no doubt some mines will simply moth-ball. They have a problem in manipulating gold as lower prices is an invitation for bulk buyers to gorge.

Swiss vote soon on a referendum to determine if the central bank has to replenish its gold reserves with all that which they previously dumped and maintain a 'physical in country' reserve of gold of 20% SNBank assets. (currently at 10%)


Read more at: http://snbchf.com/gold/swiss-gold-referendum-2/ | SNB & CHF
Either double the quantity of gold holdings

If the referendum is accepted by the Swiss people, then the SNB would need to: Either double the quantity of gold holdings (i.e. buy it expensive after selling it cheap)/ Sell half of its fiat money reserves. Or a mixture of both.

ie double its current gold holding, or self half of its fiat reserves, or a combination.

They are so scared of this money has been blocked (ie thanks pay pal) from sending money to those promoting the cause....and desperately trying to convince the Swiss that it is the wrong thing...polls so far seem to indicate that the referendum will pass.....excluding some behind the scenes corruption. A given.
So would be an interesting and worrying result for all CBanks.

Questions is...when will the powers pushing down gold heavily (also silver) relent, let market forces have more of influence on price. they (BullionBanks, CBanks, Fed, BIS) certainly wont let it have a true free market head....a most scary thing, with an unknown high upside...unless things begin to fall apart and control is esentially lost, or it suddenly becomes to their advantage.

A strong move to the upside is inevitable, but timing totally unknown, matter of holding firm for those who can afford to.

For me.....am hoping for another pounding of gold price...and increase in dollar strength.....then buying into NCM. Am watching and hoping on this one.....will know soon, as the dust settles on Japan's idiotic plans at 80trillion Yen......unknown unknowns with that one.
Either double the quantity of gold holdings