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This Month in Gold – November 2010

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Super-Rich Investors Buy Gold by Ton
Reuters – A survey of private wealth managers catering to high net worth individuals has shown that the world’s ultra-rich are selling currencies and buying gold “by the ton.” One notable difference from past downturns is the demand for physical gold, as opposed to just ETFs and mining stocks. Anecdotal evidence from bankers shows the wealthy buying tons of gold for physical delivery, then storing the assets away from the banking system.
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Drinks Are Free as Bartenders Refill Punchbowl
Bloomberg – Noted Bloomberg columnist William Pesek openly challenges the myth of central bank independence. In the 13 years since the Bank of Japan was granted “independence,” it has left interest rates near zero the entire time. To explain why, Pesek brings the illustration to American shores. He imagines what would happen if Fed Chairman Bernanke were to try to raise interest rates under present conditions. The answer? Immediate Congressional subpoena, followed by a quick resignation. ECB President Trichet is in the same boat, but with 16 irrational captains. And Pesek sees the problem as only getting worse. Come to think of it: when was the last time you heard anyone in Washington say the words “exit strategy”?
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Gold May Climb to Record $1,650 an Ounce on Fed Easing, Goldman Forecasts
Bloomberg – The headline says it all. Goldman Sachs, which in August cautiously raised its guidance on gold to $1,300 by the end of this year, is now forecasting that the bull trend will continue until this time next year. This is all predicated on the Fed continuing its easy-money policies with abandon. If trends were to reverse, then a re-evaluation would be necessary. Meanwhile, with no sign that the Fed is even considering a reversal, Goldman’s new price target is looking to become obsolete faster than Betamax.
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Commodities to Extend Rally on Federal Reserve’s “Game Changer,” UBS Says
Bloomberg – The Fed’s second round of quantitative easing (QE2) will be a “game changer” for copper, gold, and palladium, according to a report from UBS commodities analysts. A new round of inflation is a “virtual certainty”, which is bullish for commodity prices. The report cited a Goldman Sachs estimate that the ultimate tally for QE2 will be $1 trillion. UBS’ gold target for 2011 has been raised to $1,400/oz.
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