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>You will note that all those charts show gold as an excellent buy if
> you can't purchase US dollars, as one can't do in many countries.
As in India, for example.
As you will find from the World Gold Council, while the Bank of England has
been selling and the EU has merged balance sheets and found surplus gold in
its members' composite reserves, someone has taken the other side of the
trade.
Far East and Southeast Asian countries were - are - net buyers. You may not
believe it, but Panasonic, a Japanese brand made in Malaysia (GDP growth 8%
pa past decade) - is now giving you gold plated connectors inside your VCRs
or TVs in favor of copper... gold also happens to be an excellent industrial
metal due to its conductivity.
In a lot of these countries, the dollar has no value locally - and gold
remains a hedge for inflation, currency busts, and a sought after gift
during marriages etc.
That's my addendum to Ira's worth in weight of gold statement.
Gitanshu
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