The Phaserl


“Stock Market Crash the Only Factor to Avoid a Boring Year for Gold” [NOTE: Are These People Nuts??]

by Peter Cooper, ArabianMoney:

Only a major crash in global stock markets is likely to avoid this being a very boring year for the gold price, according to the precious metals panel that deliberated on the price of gold this afternoon at the inaugural Global Commodities Outlook Conference, held in the Almas Tower in the Dubai Multi Commodities Centre.

DMCC chairman Ahmed bin Sulayem reminded the 250 delegates in an opening address that Dubai handles $70 billion in gold per annum today versus $6 billion a decade ago with around 25 per cent of the world’s physical gold supply passing through the city. Dubai has also become global number three for diamond trading at $40 billion and the world’s largest re-export market for tea.

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