Turning point for gold as Central Banks become buyers
September 3rd, 2009
“In his latest deliberation on the gold market, specialist gold analyst Jeff Nichols believes that gold has reached a turning point with purchases from official sources – Central Banks and sovereign wealth funds – perhaps outweighing sales as attitudes to the metal as a reserve asset become much more positive.
In particular Nichols points to China and Russia as two key nations with relatively low proportions of gold in their reserves as likely to be net buyers in the future – even if only soaking up gold from their own domestic production which otherwise would come on to the market. ”
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