GOLD is the money of the KINGS, SILVER is the money of the GENTLEMEN, BARTER is the money of the PEASANTS, but DEBT is the money of the SLAVES!!!

Wednesday, April 20, 2011

Gold above $1500 an ounce and rising !!!

Gold above the USD 1,500 an ounce mark for the first time in history . James Steel chief commodity analyst at HSBC gives his insight


James Steel believes that it is pretty much on the investment side where the demand is booming : It’s very much on the investment side. When I first started looking at the gold market, the bulk of consumption was in the jewellery market. So it went physically towards someone owning gold for adoration around the neck or finger etc. The theme in the last several years, particularly, since the crisis began to hit what started out as a subprime mortgage crisis in the middle of 2007, the shift has been very much towards investment and less towards jewellery.The percentages of gold consumption for jewellery have dropped while investment has risen. That’s because the price has risen and that has pushed some people out of the jewellery market followed by the fact that a decline in luxury goods, consumption when you get an economic crisis followed by the increased portfolio diversification demand for gold. We definitely have seen a shift in the buying pattern for gold.


Related ETFs : Ishares Silver ETF (SLV), SPDR GOld ETF (GLD) SPDR GOld ETF (GLD), Powershares DB SPDR Gold ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), GoldCorp (GG)

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