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Wednesday, April 27, 2011
Gold Bubble News.
From the World Gold Council:
By the end of Q1, ETFs held a total of 2,110.3 tonnes of gold worth US$97.6 billion, compared with the high of 2,167.4 tonnes at 31 December 2010, or US$97 billion – a modest net outflow in the quarter.
Central banks continued to be net buyers of gold in Q1 2011 with emerging market countries, including Russia and Bolivia, being among the key net buyers. As a group, the official sector holds 18% of all above ground stocks of gold.
Some Bubble. Central Banks are buying. Speculators are selling. That should tell you something.