Chinese purchases to now ae overshadowed by ETFs bying gold.
The WSJ reports today a release by the International Gold Council that gold purchases by gold ETFs worldwide were 456 tonnes in Q1 2009, compared to 321 tonnes in the whole of 2008. China took some years possibly to do it. The ETFs have overtaken that in just 3 months. Investment demand.
Gold council says that once funds start ading even a small percentage of gold to holdings the increase in demand will skyrocket, in face of declining production at 2,400 tons per annum. Add scrap of 1,500 tonnes pa.
Resulting price? Gold is close to backwardating on the futures markets now. Hang onto your hat. I.M.F. sales? er, I.M who?
Chinese purchases to now ae overshadowed by ETFs bying gold. The...
-
- There are more pages in this discussion • 50 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)