" Gold on fire and hitting a new record as they passed the debt limit bill. the traders are saying, yeah, now the deal is done and it has been priced in. what happened about the u.s. downgrade? Fitch came out and they pieced the market with their commentary and we still haven't heard from s&p and moreover as bob mentioned and now the focus is back on the global macro issues that have been in this market place and have caused this gold to rally. the sovereign debt crisis remains and the fact that we have such weak economic data or the ism manufacturing data yesterday and then there's the bank of south Korea. of course, a number of the Asian banks over the last year and a half have been buying gold, India, china and now the bank of south Korea have about 25 metric tons of gold, the first time that they purchased gold in 13 years and this is highlighting the bullish stance that central banks have for gold and the need to diversify away from the dollar and that's what we're seeing in Korea over the last two months"
Related ETFs : Ishares Silver ETF (SLV), SPDR GOld ETF (GLD) SPDR GOld ETF (GLD), Powershares DB SPDR Gold ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), GoldCorp (GG)
Tuesday, August 2, 2011
South Korea central bank stocks up on Gold
South Korea has spent more than a billion dollars in gold: the first acquisition in over a decade, justified by uncertainty about global growth and problems related to the sovereign debt of various countries that led the central banks to diversify their reserves in order to protect themselves from market volatility.
The central bank of South Korea announced the move in a statement which says that the central bank has bought 25 tons of gold bullion over the past two months, bringing the total to 39.4 tons of gold reserves. The news helped boost the price of gold which has now reached a new record of $1660/oz
Related ETFs : Ishares Silver ETF (SLV), SPDR GOld ETF (GLD) SPDR GOld ETF (GLD), Powershares DB SPDR Gold ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), GoldCorp (GG)
The central bank of South Korea announced the move in a statement which says that the central bank has bought 25 tons of gold bullion over the past two months, bringing the total to 39.4 tons of gold reserves. The news helped boost the price of gold which has now reached a new record of $1660/oz
Related ETFs : Ishares Silver ETF (SLV), SPDR GOld ETF (GLD) SPDR GOld ETF (GLD), Powershares DB SPDR Gold ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), GoldCorp (GG)
Gold yet another all time high record at $ 1,660/oz
It triggered a new record on the inevitable price of gold, the safe haven par excellence that is pushed upward for weeks by the climate of tension that is gripping the world markets. The ounce reached a peak at $ 1,640.9 on the platform of CME Group, up about $ 20 compared to yesterday's closing and setting a new record high. Gold is used by investors as a means to protect themselves from the turmoil that may affect the equity markets, as well as government bonds or foreign exchange markets.
Today the stock markets worldwide suffered sharp declines again, while tensions are recreated on bonds of different countries of the euro zone. Meanwhile in the U.S., if you are hoping for a lucky escape on the risks of default on payments due to an agreement on budgetary rules, it is feared a sharp slowdown of the economic recovery.
Today the stock markets worldwide suffered sharp declines again, while tensions are recreated on bonds of different countries of the euro zone. Meanwhile in the U.S., if you are hoping for a lucky escape on the risks of default on payments due to an agreement on budgetary rules, it is feared a sharp slowdown of the economic recovery.
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