Friday, December 16, 2005
Gold should top $1000 within two years!
Gold should top $1,000 within two years on its way to between $3,000 and $5,000, Bill Murphy of GATA.ORG was reported as saying in an article by The Globe and Mail in Toronto on Friday.
GATA believes that the U.S. Federal Reserve Board for years leased out large amounts of gold in paper certificates to suppress the gold price, thus bolstering the U.S. dollar as a reserve currency. GATA says the masterminds were Alan Greenspan, outgoing Fed chairman, and major U.S. financial institutions.
GATA says the U.S. Gold Reserve in Fort Knox does not have enough bullion on hand to meet its paper obligations. With the gold price rising and supply squeezed, the need to cover short positions with real gold will create a giant gold price increase -- and a potential crisis.
Murphy says "Russia, along with China and Saudi Arabia, have led the upsurge in demand for gold that has overwhelmed the U.S.-based cartel, he observed." For more info see our article Russian Central Bank Gold Sales Double
Source: The Globe and Mail.
By Gordon Pitts
That Fed Reserve story has been around for years. The rumour I heard is Fort Knox is completely empty of gold as all of it was shipped to Europe after the war. Curiously I don't believe there's been an audit of fort knox reserves for forty years or so.
Certegy stock quotes
Certegy stock charts
Follow this thread
