"For the European Union - This is much worse than the East Asia crisis in the 1990s," said Lars Christensen, at Danske Bank.
"But I digress. It is East Europe that is blowing up right now. Erik Berglof, EBRD's chief economist, told me the region may need €400bn in help to cover loans and prop up the credit system."
If the IMF sold all of its 3200 tonnes tomorrow it would raise ~$100bn. Not nearly enough to bail out Eastern Europe let alone deal with all the other fires. Why not revalue/manipulate/set gold free and sell at $10,000 per oz?? Are the bankers purposely making everyone broke to buy more of the world for pennies in the dollar???
Excellent outlook for the proven Goldresources in SBS.Hige demand for Gold.
SBS Price at posting:
1.8¢ Sentiment: LT Buy Disclosure: Held
