Gold “Fever” In Asia And Central Bank Demand Could Cause An “Earthquake” In The Gold Market

Gold “Fever” In Asia And Central Bank Demand Could Cause An “Earthquake” In The Gold Market
Submitted by Tyler Durden on 07/21/2011 08:07 -0400

Gold is mixed against various currencies today but is higher in euros after the euro has fallen on concerns that European leaders gathering for the summit in Brussels may not be able to resolve the Eurozone’s debt crisis and prevent contagion in the financial system.

Cross Currency Rates

Gold is trading at USD 1,600.10, EUR 1,128.1, GBP 989.50 and CHF 1,315.10 per ounce.

“Last year, global gold supply, including mine production and scrap, stood at 4,108.2 tonnes, which translates into about $210 billion at current price.”

Meanwhile, “the amount of U.S. debt held by the public stood at $9.75 trillion by July 19, doubling from five years earlier -- adding nearly $1 trillion a year, based on data from the U.S. Treasury Department.”

http://www.zerohedge.com/article/gold-%E2%80%9Cfever%E2%80%9D-asia-and-central-bank-demand-could-cause-%E2%80%9Cearthquake%E2%80%9D-gold-market

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