Wednesday, 25 November 2009

What would be bullish for gold? 2009-11-25

Wednesday 25th November 2009 at about 16:00.

If India's Central Bank bought the remaining 200 tonnes of IMF gold. That would be bullish for gold.

What about China? Well, they have been said to have purchased 454 tonnes since 2003. See this article:

China admits to building up stockpile of gold
"'s [China's] reserves had risen by 454 tonnes from 600 tonnes since 2003."

Maybe they have bought enough for the time being? They were often expected to be going to be the purchasers of the IMF gold but maybe India might take the rest. Either way, these facts are a sure sign of the debasement of the US dollar and other currencies and also of the transfer of wealth from west to east in the world and the impoverishment that is to come for the average people in Britain and America in the future.

Our priest at Kettering Parish Church in England was talking about the gold price this lunchtime after reading about it in the paper.

I think we are in the midst of a spike up in the price that is going to be followed by a major correction at some point. With the news media following moves in gold and the Commitment of Traders net short position in gold at record levels and concentrated in a few powerful bankers' hands, it seems like we are entering a highly dangerous situation for speculators in the near future.

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