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Thursday, August 25, 2011
This Gold Pullback is totally Normal
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)
Peter Spina interviewed by James Turk on Gold and Silver
Gaddafi to sell off Gold reserves
Libya's former central bank governor, Farhat Bengdara, says Gaddafi will try to sell part of Libya's gold reserves to pay for his escape and to spread chaos among the tribes. Bengdara has allied himself with the Libyan rebels. In an interview with an Italian newspaper he claimed that an ally of Gaddafi had offered to sell 25 tons of gold to a friend of his, but that this friend immediately rejected the offer. Bengdara declined to reveal his friend's identity. The former central bank governor also said that Tripoli has 10 billion US dollars in gold reserves in Tripoli and that Gaddafi could have made off with some of it. Bengdara believes that Gaddafi has fled Tripoli via the Algerian border, and that he may try to pay off some tribes for protection. With regards to Libya's future, he says the country will need 5 to 7 billion US dollars as a bridging loan to restart the banking system and pay for imports.
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)