Posted on 11/09/2009 8:53:48 PM PST by dollarbull
COLOMBO — Sri Lanka's central bank on Saturday said it has been buying gold to diversify its reserves amid volatile currency markets, days after India announced it had purchased 200 tonnes of the precious metal. Central Bank assistant governor Nandalal Weerasinghe declined to confirm analysts' estimates that the tropical island nation had purchased around five tonnes of gold. "We have been observing that prices of gold have been going up so we have been strategically buying gold over the past several months as part of a reserve management process of diversifying our portfolio," he told AFP.
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"gold is money. everything else is credit." - JP Morgan
"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation" - Alan Greenspan
"Why are goldbugs so bad at math?" - an unnamed Freeper (anyone know who?)
Toddsterpatriot?
nice work
And still true.
Used to be his tagline:
by Toddsterpatriot (Why are protectionists, FairTaxers and goldbugs so bad at math?)
Even better.
how about “why are bankster apologists and paperbugs so bad at math?”
if something plays out the same way 100x throughout history, it’s a pretty sure bet it will be the same the 101st time.
What’s the best performing asset class over the last 1, 5, 10 years?
I give up, what?
*shrug* Good at math, bad at history?
If gold is so useless, why are all the central banks and especially China, buying so much of it?
I bought 1/2 oz of gold today in 1/10 oz coins, 25 Silver Eagles, $10 face value of Mercury dimes, and $10 face value of Standing Liberty quarters. Probably spent too much, but I had to do it.
How much did the central banks buy? If gold is so great, why would anyone sell it to those central banks?
Mentioning there are two sides to every trade means I’m out of arguments? LOL!
How are you doing against gold, in 1, 5, 10 year time periods?
You’ve avoided this question a few times now
For the most part, countries that debased their currency eventually ceased to exist. So in that sense...
Arguably, France when back to a gold standard when Napoleon took over. It wasn't The French Republic anymore, but.
The UK returned to the gold standard in 1821 and again in 1925.
France again in 1928.
The problem is that being able to print all the money in the world is addictive:
Very addictive. Like all addictions it eventually destroys any addict without the will to go clean.
I'm doing fine. I'm also doing fine over the 6 month and 20 year time frames.
You don't think that gold is a good buy based on Central Banks purchases, do you?
For the most part? Eventually? You have any examples in the last 100 years? When a country ceases to exist, do they need to have a gold standard to exist again?
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