Sunday, Mar 08, 2009
Reassuring markets – even the gold one – is positive. “No one wants to disrupt another market
Financial Times: Central banks look again at bullion sales pact
When Europe’s central banks told the gold market five years ago that they would renew their pact to cap their bullion sales, the sector breathed a sigh of relief. Today, gold prices are double their 2004 level and central bank sales far smaller, but the market is still hoping that the Central Bank Gold Agreement will be renewed again.
The Bank of England’s unilateral announcement in early 1999 that it was selling part of its reserves helped gold prices sink to a 20-year low. They were trading at just above $250 an ounce by the summer of that year. After the pact to cap sales in September 1999, prices surged 30 per cent in two weeks, to more than $320 an ounce. On Thursday, spot gold in London was trading at $910 an ounce.
~~~~ despite the fall in house prices or . . . cont.
1 Comment
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1. peter rocker said...
Is the gold price being manipulated by other players?
Quote:
"It's not hard to see that the short positions of JPMorgan and HSBC dwarf everyone else’s postions...either long or short. They are in total control of the silver and gold price. And it just so happens that the custodian of the SLV is JPMorgan, while the custodian for GLD is HSBC...the two biggest shorts on the Comex....and between the two of them, they hold 97% of all the precious metals derivatives held by U.S. banks. I dont' trust them as far as I can throw them...and neither should you."
Ed Steer, http://www.caseyresearch.com/displayDrp.php?id=479