Friday, 3 May 2013

Chinese mothers force gold price rebound | South China Morning Post

Chinese mothers force gold price rebound | South China Morning Post:

IMHO, its all very well when we have all the ETFs & funds based on Gold etc, which satisfy the demand from the 'trader' part of the finance community, we cannot escape the in escapable fact: supply of Gold is limited and demand is either constance or increasing (vs no more new gold found!!) therefore, the investment of the gold bullion is a sure thing!

consequently, maybe governments worldwide should really think about a possibility of using gold rather than debt/currency based model...!?

"Chinese mothers have beaten Wall Street hedge fund managers in forcing a turnaround in the price of gold after it dropped last month.

Taking advantage of the steepest drop in three decades, they have shored up prices by splashing out on gold for their daughters' weddings in the past couple of weeks, foiling the plan of finance gurus who have been short selling the precious metal in the hope of pushing it lower.

"The drop in gold price last month was caused by Wall Street fund managers who wanted to short gold and push it below the US$1,300 per ounce level before piling back in," said Haywood Cheung Tak-hay, the president of the Chinese Gold & Silver Exchange Society."

'via Blog this'

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