Got Gold?
November 15th 2008 17:57
First it was announced "Saudi Arabia buys $3.5bn of gold in two weeks" on Thursday:
There has been an unprecedented surge in Saudi gold purchases in the past two weeks with over $3.5 billion being spent on the yellow metal, reported Gulf News citing local industry sources.
Gold market expert Sami Al Mohna told the leading regional newspaper that this buying had substantially increased the gold reserves of the country: ‘Many Saudi investors see this as the right time for making investments in gold as the price is the most reasonable one at present’.
Gold market expert Sami Al Mohna told the leading regional newspaper that this buying had substantially increased the gold reserves of the country: ‘Many Saudi investors see this as the right time for making investments in gold as the price is the most reasonable one at present’.
Today, we read in the International Herald Tribune
Iranian newspapers are quoting Mojtaba Hashemi Samareh, a top advisor to President Mahmoud Ahmadinejad, as saying the country has converted its financial reserves into gold.
The papers did not specify how much of Iran's estimated $120 billion in reserves would actually be converted into gold.
We don't know if he is telling us that all $120 Billion in reserves has been converted or just a part. Under tight market conditions prevailing in the cash market, $120 Billion seems awfully high.
Yesterday, Bloomberg reported
China, the second-biggest overseas holder of U.S. Treasuries, should increase its bullion holding to diversify its reserves because the dollar may decline, the country's gold association said.
``China should have at least several thousand tons of gold in its reserves, five to six times the officially announced 600 tons,'' Hou Huimin, vice chairman of the China Gold Association said by phone from Beijing. The group represents producers, traders and retailers. (emphasis added)
``China should have at least several thousand tons of gold in its reserves, five to six times the officially announced 600 tons,'' Hou Huimin, vice chairman of the China Gold Association said by phone from Beijing. The group represents producers, traders and retailers. (emphasis added)
So how does the Gold chart look? It looks like we've put in a double bottom and the pivot point is 778.30. We break that high and we could tack on a quick $80! (see chart)
| 46 |
| Vote |
Subscribe to this blog
