gold price may avalanche, page-89

I recently wrote

"One of the oddities I reported on here some weeks ago was that Japan was a net exporter of gold. From memory I think they sold 70 tonnes of gold in a quarter."

Here is an update on the situation in Japan.

http://www.bloomberg.com/news/2011-12-08/japan-s-gold-exports-most-since-1985-as-individuals-sell-jewelry-bars.html

The "70 tonnes of gold in a quarter" obviously should have read "70 tonnes of gold in the year to date". However it is clear that the key determinants for the Japanese selling gold is that they probably have deflation and positive real interest rates, in addition to the current high price of gold.

loki