The Phaserl


Gold market report: producers going long silver

from Gold Money:

Gold was hammered overnight in Asia on Wednesday, and on Thursday slid further to test the $1,200 level. If you adjust the gold price by the increase in aboveground stock and the expansion of US dollar money supply, gold in real terms is the same price as it was in 2006 – about $600/oz. During that time currency and systemic risk has also escalated from minimal to extremely dangerous. The combination of a gold price that has effectively halved and an increase in the reasons to buy it tell us that it is undervalued to a truly extraordinary degree.

No substantive reason for the most recent price slide has emerged, but presumably the bullion banks, which pass their dealing books around the world as it follows its diurnal course, took the view that restrictions on credit in China would dampen demand, and that the collapse in the rupee would make gold too expensive for Indians.

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