“With the fiscal programs that all the governments are appropriately injecting into their economies and printing money, the one currency you cannot print is gold,” Jake Klein, executive chairman at Australia’s Evolution Mining Ltd. Told Bloomberg TV. “That’s why it’s got investors’ interest.”
Next week, policy makers from the Federal Reserve, European Central Bank and Bank of Japan all meet to assess their stances, raising the possibility of further assistance. Gold futures for June delivery rose 1.1% to $1,756.90 an ounce at 10:43 a.m. on the Comex in New York after surging 3% on Wednesday. Global holdings in ETFs rose for a 23rd session on Wednesday and are at a record. Silver futures advanced on the Comex, while platinum and palladium climbed on the New York Mercantile Exchange.
ETF Holdings of gold have come from nowhere at the turn of the century to become the third largest in the world. The total held by ETFs eclipsed those of the IMF in March. Germany and the USA are now the only two larger official holders of the metal. No one really knows how much gold China has accumulated and the vast quantities warehoused in India’s temples are not counted in official totals because they are unlikely to ever move.Click HERE to subscribe to Fuller Treacy Money Back to top