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TMFAleph1 (95.09)

Head of World Gold Council on Bloomberg

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August 09, 2011 – Comments (3) | RELATED TICKERS: GLD , SLV

George Milling-Stanley, Managing Director, Government Affairs at the World Gold Council was interviewed on Bloomberg this morning. Mostly going over things that everyone who follows gold already know, but I was surprised to hear him say:

"The more the price [of gold] goes up, the more people are convinced. It's a wonderful circle."

I wonder if he understands the implications of that statement?

3 Comments – Post Your Own

#1) On August 09, 2011 at 12:46 PM, TMFAleph1 (95.09) wrote:

If anyone is interested, you can watch the video, it's 4:35 in length.

Milling-Stanley Says China Gold Reserves to Rise

I wrote about the trend of central bank purchases pretty recently. I do think this is an important cyclical trend. If you're of the mind that gold isn't a bubble, then I assume you believe that the trend is structural, not cyclical.

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#2) On August 09, 2011 at 1:17 PM, ChrisGraley (29.65) wrote:

Gold isn't in a bubble. The dollar is in a bubble. Gold is a reaction.

The reason Central banks are buying more Gold is because they feel that it's safer than the dollar.

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#3) On August 09, 2011 at 2:15 PM, PeteysTired (< 20) wrote:

ChrisGraley

The reason Central banks are buying more Gold is because they feel that it's safer than the dollar.

No it's not Chris.  I clearly heard Ben tell us that they buy it because it is a tradition :) 

Like buying Christmas wreaths.

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