Eric King of KingWorldNews.com blogged that his sources say Asian buyers effectively have checkmated the silver shorts. No doubt about it, there is a major battle going on in the silver markets. Volumes are at record highs, and volatility is extreme.
Mineweb.com, a South African-based website dedicated to the mining industry, is an excellent source of articles about precious metals. With contributors around the globe, mineweb.com offers wide perspectives. Today’s issue has four articles and a podcast, most of which should be of interest to investors with gold hitting all-time highs and silver hitting 30-year highs.
Many gold and silver investors openly confess concerns about the world’s financial structure, and many Americans express concerns about the banking system. Yet, few Americans fear losing money due to any bank failures.
For the CBGA (Central Bank Gold Agreement) year to end September 30, central bank gold sales are estimated to be 6.2 tones, down 96% from their high of 497 tons for the CBGA year ended September 30, 2005, the year for the highest sales under the CBGA. Over the last ten years, central banks sold
In the September 11 interview with Eric King of King World News, I mentioned that a number of credible analysts were saying that gold and silver looked like they were about the have a technical breakout to the upside. Gold’s and silver’s price action since have confirmed those predictions. In the interview, I warned long-term
Most gold and silver investors are in precious metals because of macro (big picture) economic and financial circumstances in which the world now finds itself after seven decades of Keynesian economics and statist politics. These investors are content to take positions in the metals and hold them, while maybe adding to their positions as opportunities
Saudi Arabia now holds double the gold reserves previously reported. Continued central bank activity in the gold market may result in central banks being net buyers of gold this year. If so, it would be the first time in decades. Earlier this year, India bought 200 tons of gold from the IMF, and Russian and China are regularly adding to their gold holdings from domestic sources.
2009 was a good year for the gold market, with central bank buying dominating the news. Talk of IMF gold sales no longer depresses the market, as speculation abounds as to which central banks will be the big buyers.
Rob McEwen, who can almost be called a living legend in the gold mining industry, says gold prices may reach $5,000 an ounce – and as soon as 2012 but maybe not until 2014. McEwen sees loss of faith in the dollar being the reason for gold’s coming rise. “Money supply has expanded so rapidly
In a move that the gold market did not anticipate, the IMF sold 200 tons of gold directly to India’s central. It was widely known–commented on on this blog February 12, 2008–that the IMF would be a gold seller. Several years ago, the IMF let known its intentions to sell 400 tons of gold and