Monday, October 7, 2013

Central Banks Buying Gold now while Prices are Low

OK, maybe Ben himself does not understand gold prices day to day.  He is not hands-on with the bullion banks' manipulation of the gold and silver markets.  The banks are implementing his strategy.  He does not know how.  Clearly, he and other central bankers are acquiring gold because they find it under valued long term.
Ben S. Bernanke, the world’s most-powerful central banker, says he doesn’t understand gold prices. If his peers had paid attention, they might have stopped expanding reserves that lost $545 billion in value since bullion peaked in 2011.
Central banks, which own 18 percent of all the gold ever mined, will add as much as 350 tons valued at about $15 billion this year, the London-based World Gold Council estimates. They purchased 535 tons in 2012, the most since 1964.

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