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The Daily Nugget – has gold gone back to the 1970s?

by Jan Skoyles, TheRealAsset.co.uk

Friday’s stronger than expected jobs report saw the gold price fall on Friday afternoon and continue to do so into this morning. The fall comes as fears the Fed may soon begin tapering come after the US non-farm payrolls data was reported at 195,000,  165,000 had been expected.

Holdings in the world’s largest gold backed ETF, the SPDR gold-trust fell to a four year low on Friday, to 961.99 tonnes, following the jobs report. It is worth reminding those worried about this apparent decline in gold investment that gold-backed ETFs represent only around 6% of gold demand.

Global gold investment

Despite what appears to be bearish signal in macro-economic data, the desire to buy gold, physical gold, remains strong across the world.

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1 comment to The Daily Nugget – has gold gone back to the 1970s?

  • Frank Zak

    As I posted yesterday………..
    gold is underproduced 30% of demand
    each year.

    This 30% underproduction can only
    be made up by central banks
    leasing of gold.

    GATA is correct.

    And, most gold is traded on the over
    the counter markets, not the Comex.

    China is buying 170 tons each month !!!!!

    It is extremely clear in a few years
    they want to back their currency with
    gold.

    The USA has 8124 tonnes of gold. We know for
    a fact at LEAST 4500 tonnes are leased out.

    Germany will take 7 years to get their gold.

    If the USA were to back each dollar with gold
    it would take $40,000 an oz gold.

    The paper market is at least 50 times greater
    than the actual physical.

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