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Posted on 05/04/2011 9:49:27 AM PDT by Nachum
Mexico's central bank bought more than 90 tonnes of gold between January and March, according to figures from the International Monetary Fund (IMF).
The World Gold Council has said it expects central banks in emerging markets to be the biggest buyers of gold, with its price near record highs.
Banks are seeking to diversify their reserves out of US dollars.
Mexico now owns 100.15 tonnes of gold, data on the IMF website showed. At the end of January it held 6.84 tonnes.
Mexico's purchase is equivalent to about 3.5% of annual mined output.
The country now owns $4.93bn (£2.98bn) worth of gold, which hit a record price of $1,575.79 an ounce on Monday.
It takes Mexico to 33rd place on the list of the world's top gold holders.
(Excerpt) Read more at bbc.co.uk ...
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Just heard on GB today that Soros is SELLING some number of tons of gold....
Next thing you know they’ll be opening some of their moribund mines.
The operative word is “some”
I wonder if there is any concern of having bought the gold at the top of the market, as the price seems to be heavily correcting down at this time.
“Banks are seeking to diversify their reserves out of US dollars.”
Great. Another central bank dumping USD.
Mexico may also want to repatriate some of their silver. Silver is now trading at $39.
Those who purchased at $49 last week are probably not having a restful evening.
It looks like silver is going to drop to $31 before the carnage abates.
Sorry, I actually heard GB say a number, couldn’t remember of it was 10 or 20 tons.
I truly do hope so.
Americans. This 90 tonnes of gold were purchased by money taken from you by Mexico’s illegal US invaders. EVERY cent beyond what they need for food, rent, etc. goes back to Mexico. Why do you think that Wells Fargo was able to purchase Wachovia - it sure as hell wasn’t good stock and asset management; they made an assload on wire transfers out of this country to Mexico. Just like drug dealers having to figure out how to make all their cash ‘clean’ - buy a legit business.
There is just too much damage to the dollar for the price not to go back up. Just as soon as Soros has cleared out the suckers, he and his friends will buy again. The only question is what is their 'bottom'?
the price (of gold) seems to be heavily correcting down at this time.
indeed, 31$ would be good news for anyone looking to go long.
Soros Has Begun Dumping Gold And Silver, While John Paulson Says Gold Will Go To $4,000
Soros Has Begun Dumping Gold And Silver, While John Paulson Says Gold Will Go To $4,000
longer
Well it’s now time to sell gold and silver. If ever there is a contrary indicator it is center banks. Buy when they sell and sell when they buy and you’ll make money. Just look at the last time there was a major central bank selling gold, the UK bank sold when gold was at $250/oz at the very bottom. Now we have central banks buying like crazy so this is probably the very top. Time to get out.
That does not make sense to me. Central banks are buying up the metal, the dollar is in free fall, Asia is dumping the dollar, we still won't pump oil, more than half the country is employed by the government, unemployment is still at depression era levels and gold is going to fail?
I say that large traders are manipulating the market to force the price down in a panic sell off. Then when it bottoms out, they will buy it back and jerk us all around again.
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