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Central Banks to slow gold sales
Sales of gold by European central banks are likely to be lower than expected over the next year as the global banking crisis boosts bullion’s appeal as a “safe” reserve asset.
And banks elsewhere in the world, most notably in Asia and the Middle East, may even become buyers of gold in an attempt to diversify their reserves away from the U.S. dollar, analysts say.
Under the terms of the Central Bank Gold Agreement, signed in 1999 by key European institutions including Germany’s Bundesbank and the European Central Bank and renewed in 2004, members can sell up to 500 tonnes of gold…
Gold Investing: Do not follow the herd
I spend a lot of time each year in Alaska. Much of the time I am spinning in circles trolling for salmon or jigging for barn door-sized halibut. Needless to say, when I get home I love to show off pictures of my catch. Bragging rights are the currency anglers use to value their wealth. Lately though, I have had a tough time getting anybody to accept my currency. All they want to hear about is Alaska’s gold.
“I hear there is still a bunch of gold up there,” they inevitably say. “Do you ever find any?”
With the economy convulsing up…
19Mar2008 | Guest Contributor | Comments Off | Continued
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