Skip to comments.Gold climbs above $1,700/oz as stocks rise [Korean Central Bank buys 14 tons]
Posted on 12/05/2012 5:08:09 AM PST by DeaconBenjamin
CENTRAL BANKS DRAWN TO GOLD
South Korea's central bank said late on Wednesday it bought 14 tonnes of gold in November using its foreign reserves in order to spread its portfolio risks, boosting confidence that official sector interest in bullion is holding firm.
Central banks have switched to being net buyers of gold from net sellers in the last two years, with most acquisitions made by banks in Asia and the developing world. Central banks buying accounted for 455 tonnes of demand last year.
"By its own account, the Korean central bank regards gold as a safe asset and as a means of diversification in a bid to reduce the risks of foreign-exchange reserves management," Commerzbank said.
"Since gold accounts for just 1.2 percent of its currency reserves, the Bank of Korea can also be expected to buy more gold in future."
Holdings of the world's largest gold-backed exchange-traded fund, New York's SPDR Gold Trust, hit a record high as the fund reported a 2.4 tonne inflow on Tuesday.
On the physical markets in major consumer India, gold buyers booked deals for the peak wedding season as prices stayed near their lowest in a month.
(Excerpt) Read more at finance.yahoo.com ...
Crazy Al's Used Gold Lot ?
Would you buy gold from him ?
I thought gold was tanking?
About a year ago heard an investment advisor on a radio talk show say that gold would rise above 1700 due to devaluation of the dollar and an obvious liberal caller called in and said it was just bs and fear mongering from the right. Well...now you’re getting what you voted for.
An excellent question. Curiously, no one seems to have an answer. There's no report of 10k necklaces and 14k rings being transformed into good delivery bars.
Anyone have any suggestions for purchasing gold, specifically American Eagles or Canadian Maples? I’ve been pushed by some folks on FR to pick up at least SOME gold, and I figured I’d ask if anyone had any good experiences they can share.
The next bailout... economy recovers, which it will, gold drops by 30%... taxpayers have to cover the losses or the banks go under...
You forgot the sarcasm symbol
Read and make sure you FULLY understand the tutorial and FAQs.
Thank you for the advice, Roccus. Seems pretty straightforward.
Get to know your local coin dealer.
The problem is finding one I can trust not to bend me over the barrel.