Spot Gold Price & The Russians
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I think the only thing that is keeping gold down is overhang – an awful lot of it is in weak hands. The IMF, for example, has a history of selling at Odd moments.
And the Russians are extremely vulnerable to oil prices. A depression environment will remove any chance of return to their glory days, and they will sell gold as an alternative to embracing austerity.
BUT, once those “shadow inventories” have dropped, I think gold has nowhere to go but up.
Plus, China and Russia are the big gold players. They both indicated they want to increase their precious metal reserves. If they aggressively acquire gold/silver over the next 6 months they could dramatically affect the warehouse stocks. Arizona gold prospecting
Users of the commodity (think of jewelry manufacturers in India and Russia) must also pay a higher price for gold as demand for the metal increases from other investors. When their demand is also factored in, this too will cause the price of gold to rise.
Don’t use this board, however, as a forum to make an intelligent investment decision. Do your research and test your theories about the prospects of future price movements in gold (I could be wrong). Good luck…
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There are reports that the Russians are considering backing the ruble with gold.
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A list of the foreign owners of U.S. Treasury securities is listed by the U.S. Treasury:
Foreign owners of US Treasury Securities (July 2008)
Nation billions of dollars percentage
Japan 593.4 – 22.17%
Mainland China 518.7 – 19.38%
United Kingdom 290.8 – 10.87%
Oil exporters 173.9 – 6.50%
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In 2006, the central banks of Italy, Russia, Sweden, and the United Arab Emirates announced they would reduce their dollar holdings slightly, with Sweden moving from a 90% dollar-based foreign reserve to 85%. On May 20, 2007, Kuwait discontinued pegging its currency exclusively to the dollar, preferring to use the dollar in a basket of currencies. Syria made a similar announcement on June 4, 2007.
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