Gold fell sharply last month, but now investors are taking an interest in physical gold.
Articles Tagged "central banks"
Gold Investing News sat down with Chris Powell of the Gold Anti-Trust Committee to discuss what is going on in the gold market in terms of manipulation.
Gold prices are being kept artificially low by Western Central Banks and "no one alive" has ever seen the actual price of gold, according to Chris Powell, Secretary of the Gold Anti-Trust Action Committee (GATA).
Bloomberg reported that gold futures inched higher for the second time this week as speculation that actions by global central banks to boost economic growth. Gold futures for December settled at $1,779.80 per ounce.
Reuters reported that gold prices are holding steady at four-month highs ahead of the central bank meeting.
Central bankers are avoiding the potentially inflationary moves that many gold investors are betting on.
Bloomberg reported that hopes of economic stimulus caused gold futures to rise 0.2 percent, the third advance in four days, to settle at $1,616 an ounce.
Bloomberg reported that the Bank of Korea bought 16 metric tons of gold in July, increasing its gold reserves for the first time this year.
The monetary system as it exists cannot continue. Money needs an anchor and gold is the most logical option.
Gold prices dropped on Thursday due to a discounted interest rate cut from the European Central Bank and the expectation that disappointing economic data out of the United States will follow at the end of the week.