Gold: Been There, Done That And Bought The T-Shirt
Gold collapsed over 14 percent in the sharpest tumble since 1983 raising fears that its twelve year bullion is over. Some blame the collapse on the fear that Cyprus and other weakened European countries would have to dump their gold reserves. Wrong. Under an earlier agreement, all European countries must seek permission and the sale of gold is limited to 400 tonnes. Others blame the fear of a slowdown in China. China‘s growth remains in excess of 7.5 percent and its state-owned companies are leading the way. The People’s Daily recently noted today 54 state-owned companies now rank on the Fortune 500 list of the biggest companies in the world. Only two decades ago, the total revenues of the top Chinese companies were less than that of General Motors. Still others blame the lack of inflation though none seem plausible to explain the magnitude and breadth of the decline.
In our view that leaves the main reason which was an estimated 400 tonnes of gold futures dumped in two tranches on the NYMEX Comex. The sales were worth about $20 billion equivalent to about 15 percent of the entire world’s mine supply. In fact two years ago, the European central banks took one year to sell that amount of gold. Comex is a futures market where the buying and selling of gold is backed by physical gold in warehouses.
Read More: http://economicrisis.com/gold-been-there-done-that-and-bought-the-t-shirt/5580
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