It appears Russia is only getting started. According to the latest IMF data, in the period between April and May, Russia added another 22.5 tons, bringing its May total to a fresh record of 703.1 tons.
'China is considered a stealth buyer of gold, said Boris Schlossberg, director of currency research at Global Forex Trading. As the world's largest producer of the metal, China often buys gold from its own mines and doesn't report those sales...
The role of gold in society was succinctly summed up by J.P. Morgan in 1912 when the renowned financier stated that "Gold is money and nothing else." Ironically he made that comment one year before the U.S. Federal Reserve was created.
The price of gold could drop 40 percent from its all-time high because of bearish technical momentum and deflation amid a European debt crisis, said Elliott Wave International President Robert Prechter.
Earlier spot gold hit an all time high in dollars ($1,251.5/oz) and all other currencies. Any minute now it will go back to 0, the central bankers and skeptics say, just because the politicians really have it all under control...
The supply backdrop is also highly conducive to a sustained bull market. Mined production is no higher now than it was a decade ago and has fallen outright in 5 of the past 8 years.
It's not even midway through 2010 and Caterpillar has sold out of some of its largest mining vehicles because of rising commodity prices, and is now taking orders for 2011 delivery.
We released our 2010 Silver Buying Guide last week and the silver price promptly cratered. So does this change our view of gold’s shiny cousin? Hardly.
Meanwhile, the most popular alternative to currencies, gold, isn’t such a good buy either, according to the veteran market watcher. “It’s losing upside momentum at the same time more people are getting more enamored with it,” he notes.
He has gone further than perhaps any other major investor, betting the majority of his wealth on gold and other precious metals. And it reflects his deeply held conviction that global economic instability could bring rising demand for gold.
Spot gold fell more than 1 percent to two-week lows as investors sold to cover losses in other markets, especially as stocks dipped, while platinum group metals fell on worries euro zone debt crisis will sap industrial demand.
Asian stocks were do
Three truck drivers, showing what appeared to be the right paperwork, drove off with $500,000 worth of copper wire from a Georgia company, police said.
"When the history of this time is written people will say - how in the world did they believe that a few people in a secret room can decide what interest rates should be, how much the money supply should be, who should fail, what worthless assets...
Basically, it’s a total joke as is everything else the politicians have done. No one and nothing is allowed to fail and this relates to the fact that the global monetary and financial system is a complete house of cards. It’s insanely bullish for gol
The refinery, which usually sells 2,000 coins to each customer at a time, says that last week it received an order from one German bank for 30,000 coins. Another bank requested 15,000 coins.
Something that is known to ZH readership since day one, is now finally said openly on the most watched [probably] business channel in the world. And just for the sake of it, lets thrown in Peter Schiff and his take on the real price of gold.
The exterior of the machine is coated with a thin layer of gold and offers customers 320 items to choose from, ranging from gold bars that can weigh up to 10 grams, to customized gold coins.
Gold surged to a record high on Wednesday as investors sought safety from the risk of Greece's debt crisis spreading to other countries, with demand for coins, bars and bullion-backed exchange-traded funds all climbing.
The probes are centering on whether or not JPMorgan, a top derivatives holder in precious metals, acted improperly to depress the price of silver, sources said.
Federal agents have launched parallel criminal and civil probes of JPMorgan Chase and its trading activity in the precious metals market, centering on whether or not the top derivatives holder acted improperly to depress the price of silver.
But there is an alternative. The U.S. could return to a gold standard, a system that would not only prevent the government from running chronic budget deficits but would also curb attempts to manipulate the value of the dollar for political reasons.
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