Central Banks Buy Record 1.1 Million Ounces of Gold [Archive]

peaceandlove

03-12-2009, 11:19 PM

Central Banks Buy Record 1.1 Million Ounces of Gold

2009-03-11 23:10:00

By Jon Nadler
Bullion prices circled the $900 mark and did not stray more than about $5 from either side of that figure during relatively slow overnight dealings. Slack demand (save for a bit of industrial buying) was noted, although a few bargain seekers were spotted under $900. Not the type of buyer whose actions made for the recent surge in prices.

Something else lacking confidence: surveyed participants in the Bloomberg Professional Global Confidence Index.

Their group's metric fell to 5.95 - a reading that reflects items such as a 38 percent January shrinkage in German factory orders, the World Bank's forecast of a global economy in a concerted contraction for the first time since WWII, and a sharp drop in Chinese exports last month.

Article continues and related stories: http://www.commodityonline.com/news/Central-banks-buy-record-11-million-oz-of-gold-15922-3-1.html

peaceandlove

03-13-2009, 04:06 AM

Modern Gold Rush Under Way

A modern day gold rush is under way as peoples confidence in currency is fading fast while the price of gold rises, says Adrian Douglas, financial analyst and the director of the Gold Anti-Trust Action Committee.

Video (11:360: http://www.youtube.com/watch?v=to0RjwUFAHg&eurl=http://solari.com/blog/

Central Banks Reported to be Net Buyers of Gold in January

Submitted by cpowell on Wed, 2009-03-11 17:27. Section: Daily Dispatches
By Ovid Abrams
Platts.com
Tuesday, March 10, 2009

http://www.platts.com/Metals/News/7719694.xml?sub=Metals&p=Metals/News&?...

NEW YORK -- Central banks, which have been net sellers of gold in recent years, were net buyers of an estimated 1.1 million ounces in January, according to the latest Market Alert by the CPM Group, the New York-based metals consultancy.

The world's central banks were both buyers and sellers, but the quantity bought outstripped what was sold.

Ecuador is estimated to have purchased 920,000 ounces of gold in January, Venezuela bought 240,000 ounces, and Russia purchased 130,000 ounces, after having bought 310,000 ounces in December.

"Ecuador's government has run into severe political and economic problems, and has a dollarized economy, using the US dollar as its currency and thus not having many monetary tools, such as being able to issue money that other central banks possess," CPM noted.

France was the largest seller of gold in January by 40,000 ounces and 10,000 ounces, respectively.

"It seems highly unlikely that such large net purchases of gold by central banks will continue," said CPM. "However, those central banks that have been selling gold for much of the past two decades have sold most of what they wanted to sell. Others are buying small volumes and considering larger purchases, in the face of the financial crises and currency market volatility they have faced over the past year."

Source: http://www.gata.org/node/7250

Gold Price Correction Will Not Last

02 March 2009
By Courtney Weaver / The Moscow Times

Vyacheslav Shtyrov, president of Sakha, approached Prime Minister Vladimir Putin on Wednesday with a plea for help. The sparsely populated republic, home to companies including Transneft, Surgutneftegaz and Mechel, is suffering from the drop in prices for gas and coal.

Sakha is having trouble keeping up with its investment goals for 2020 and the region's labor market is suffering, Shtyrov said at the meeting.

Putin listened and then took a breath.

"Vyacheslav Anatolyevich," he said, addressing him by his patronymic, "the global prices of coal, gas, metals and even diamonds have fallen. But the price of gold is rising -- and gold is mined on your territory."

Article continues: http://www.moscowtimes.ru/article/600/42/374911.htm

Both Video and Articles found at Catherine Austin Fitt's Blog: http://solari.com/blog/