S. Korea buys 16 Tonnes of Gold in July

S. Korea adds 16 tonnes of gold to their Central Bank Reserves in July moving them to 40th in the world with 70.0 metric tons. Hong Kong will open it's 1000 Metric Ton Gold Vault in September at the international airport to meet rising demand from banks and the wealthy. A central bank official told reporters the purchases were made sporadically throughout the month in London, but declined to provide the exact net purchase price per ounce it paid for the bullion, typical of most central banks.

Peter Schiff : Gold The Opportunity of the Decade

Peter Schiff : After spending the previous fall and winter testing new nominal highs above $1,800, future investors may come to view spring and summer 2012 as the opportunity of the decade. Gold has shown its strength and retreated. While most investors will take that as a signal that the market has topped, some will take advantage of the general trepidation to add to their positions at hundreds of dollars off the highs.While I think gold is a bargain at $1,900 considering today's circumstances, the market phobia of a price collapse is allowing us to buy at well under established highs. It's as if you already wanted to go swimming, but you found out when you got there that the pool was heated. - in resourceinvestor

Jim Rogers : I suspect Gold will be much, much, much higher over the next decade

Jim Rogers : I've actually owned gold for longer than 11 years. I'm not buying now. Gold went up 11 years in a row, which is extremely unusual for any asset. I don't know of any asset in history that's gone up 11 years in a row without a correction. Corrections are normal and are the way things should work, the way things do work. Having said that, I don't know when the correction will stop. It's normal in my experience for corrections to go down 30 or 40%. It's just the way markets work. Gold has not gone down that much. It's only gone down that much once in the past 11 years, and even then it ended the year up. I'm not buying gold at the moment. If it goes down a lot, I hope I'm smart enough to buy a lot more. I'm certainly not selling my gold, because I suspect gold will be much, much, much higher over the next decade. - in mineweb