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Thursday, January 10, 2013

U.S. May Have Fallen Over The Cliff, Changes Will Occur Part 2

January 10, 2012

It's the follow-up story to part one if you have missed or have as yet read you can go to the first article by just clicking on Part One.

 Change will occur

 To protect themselves against sovereign risk, and of course, currency risk, these funds are diversifying into gold.  In doing so, they're following in the footsteps of U.S. pension funds like the Teachers Retirement system of Texas, as well as billionaire hedge fund managers Kyle Bass, David Einhorn, and Daniel Loeb.

All three agents are on record as favoring ownership of actual gold bullion - in allocated storage in a secure vault. Another seller investor, Jim Rogers, the billionaire co-founder of the Soros Quantum Fund, recently said he intended to sell U.S. debt and buy more gold and silver.

Meanwhile, central banks are placing similar bets on Washington's antics, having scooped up 351.8 tons of gold in the first nine months of 2012 alone. Turkey here has been a real stand-out importing 4.2 tons of the yellow metal in November for a total of 117.2 tons while Korea reportedly owns six times as much gold as it did in 2011.

For its part China, the golden elephant in the room has seen demand for gold rise 27 percent annually since 2007, according to Casey Research of Stowe, Vt. In fact, while China has been bulking up on bullion. Its citizens, goaded by government officials, have been buying gold at post office wickets, bank counters - even at automated kiosks.

Fiscal cliff theatrics aside, what's a fair price for gold? Listen to Lee Quaintance and Paul Brodsky fund managers in Lake Placid N.Y. In their most recent letter, Messrs, Quaintance and Brodsky calculate an "a shadow gold price."

Calculation is used

 It uses the Bretton Woods monetary calculation for valuing the fixed rate linking gold to the U.S. dollar.

By dividing the base money by official U.S. holdings, they come up with a shadow gold price of over US$10,000 an ounce.

And l urge readers interested in learning more to buy the upcoming book: $10,000 Gold: Why Gold's Inevitable Rise is the investors haven. It's being published by John Wiley & Sons.

Nick Barisheff President of
Bullion Management Group Inc.

 This article was published and written by Investor's Digest of Canada 
copyright 2013 by MPL Communications Inc.
Voted the Best Investment Advisory


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Joseph F. Botelho One Gram at a Time

Joseph Botelho


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