Where Is Gold Going In This Market

[simcity]

Gold Topic

No soft landing for the Ozi market:

I do not know about Canada

Australia house price did grow slow in 2008-2009, the last six months has been like a hot coal walk for buyers, price has increase 20%, with few availability and 87% volume sale in auction, volume who is getting higher as the 96-97 !

150 people attending auction, interest getting higher but the market can not cool down, in one way i hope some sanity will happen to restore the ability of first home buyer who are out this market at this time.

Current median house price Melbourne around $550K, in a ok suburb it is close of 1 million

Australia has avoided a housing crash due to a combination of reasons, the main one is, severe housing shortage due to a rapidly growing population, and overseas migration from 2004 to 2007

Link to follow the Ozi market

http://www.reiv.com.au

http://www.aussieproperty.com/

[manarak]

ah sorry I was mistaken, there is no housing bubble burst in Oz, there is a bull market !!

with no availability and more people flowing in, I too can't see prices coming down. But this is not a bubble, it is a market move due to fundamentals.

[Naam]

Large quantities of gold are not for sale at these prices. China would like to accumulate 6000-1000 tons of Gold but that is an impossible task at these prices. There is not a gold market for the large buyer. Any attempt made to aquire large sums of gold puts the entire monetary system at risk and may backfire on them allowing them to buy even less gold.

says WHO?

Nov. 30 (Bloomberg) -- China should increase the amount of gold it holds in reserves to reduce potential losses from a depreciating dollar, the China Youth Daily said today, citing Ji Xiaonan, head of the supervisory committee at the state-owned Assets Supervision and Administration Commission.

"We recommend China increase its gold reserves to 6,000 metric tons within three-to-five years and possibly to 10,000 tons in eight to 10 years," the paper quoted Ji as saying http://www.bloomberg.com/apps/news?pid=new...id=aMnUukhsa.hM

"China should..." and "We recommend..." does not mean "China would like..." . moreover the latter was not the diction of Ji. i've read the full transcript and will try to find and post it.

[churchill]

the crisis isn't over.

the loss of value of USD and EUR was just a fast-forward on what would have happened anyway.

global trade flows weaken the old strong currencies every day.

this is currently reflected in the perceived "strength" of the Thai baht - but there really is no strength. it's just the USD, EUR and GBP losing value against ALL OTHER CURRENCIES.

Everyone worries now about Greece, Iceland and Spain, that's why the EUR plummets.

The best is to bet on well-managed independent currencies like the Swiss Franc and on nations with relatively few citizens and high natural resources, like Canada and Australia.

very soon, the baby-boomers will drop out of the working population and will become pensioners. someone will have to pay for that.

The effect will be strengthened even more because not only are the pensions to be paid, but also there will be less tax income for the state because the baby-boomers' high salaries will be replaced by cheaper workforce, many comapnies will chose to close down in their homecountries and transfer the jobs abroad, while in their home country, foreign migrants take over more jobs for less money. And the cheaper workforce will automatically also have less money to spend in the local consumer goods market, so this is a downward spiral.

In Europe, the starting date is around 2015 - 2020, since the baby-boom begun around 1953 in Europe.

the governments will have to take the money where it is and raise taxes. I expect huge changes in fiscal laws in the very next years.

to protect your assets against loss of value, sell USD, GBP and EUR and invest in CHF, CAD and AUD, along with gold, silver, platinum.

Make a basket.

It could also be a very good idea to invest in the corresponding Stocks in these currencies, for example in Cameco, Rio Tinto, and why not other mining companies in AUD.

I also see uranium and nuclear power as being safe investments.

Huge and globally active companies like Nestlé and Novartis in CHF will always have a market, so they are a good buy too.

Generally good advice / I am still with the US$ but am thinking of switching very soon to SGD and to increase my gold holdings - I am still worried in the near term of a stock market correction and am sitting tight for now /

I also like the idea of Uranium and Nuclear power investments for the long term .

[flying]

Generally good advice / I am still with the US$ but am thinking of switching very soon to SGD and to increase my gold holdings - I am still worried in the near term of a stock market correction and am sitting tight for now /

Palladium may end up being a surprise too.... I guess in 1 year hindsight it already is.

You know its funny but last year I put a bunch of money into Thai Baht even more funny that it sits in three Thai banks.

(funny because of my dislike for banks...but that is US based )

Anyway it has been funny watching recently as it grew a bit against the dollar. Or visa versa however you want to call it.

As for increasing gold...I said awhile back about that drop below 1050. Still sorry I missed that as it touched 1045. Still feel that was a good entry. Albeit I was not adding much but did want to & missed it.

I also thought we would see 1080 either the 1st or 2nd week of this month March. We will see if that comes about.

Lastly a little article.... I saw today.

Gold Pullback. The Technicals

[sokal]

the crisis isn't over.

The best is to bet on well-managed independent currencies like the Swiss Franc and on nations with relatively few citizens and high natural resources, like Canada and Australia.

... invest in CHF, CAD and AUD, along with gold, silver, platinum.

What about Canadian and Australian housing bubbles? You think those will remain intact?

These housing bubbles will collapse the traditional way, when interest rates go up. It will kill what is left of the US housing market too.

[lannarebirth]

Income producing assets or businesses whose valuation or pricing power can be tied to inflation would be one area that ought to work (assuming you spend in the same currency). The cost of coming up with a decent, secure income stream has gone through the roof though.

Things here in my neck of the woods while not Zimbabwe is sure looking thin. Each new jobs report celebrates how they lost less jobs than they thought they would. Never a word about any new jobs created... I believe the count is somewhere around 6+ million lost now.

Looking in the classifieds here you see less than a dozen jobs ...if you can call them jobs....there use to be pages.

Looking at the real estate section you see a dozen homes for sale & less in the raw land sections.

Not for lack of things for sale mind you...But because realtor's no longer waste their dime advertising due to lack of buyers.

Looking in a MLS you see the reality....Tons for sale

Income producing business that is tied to inflation? Gas Station or Grocery Store ....btw the price of food here

Pension Funds gone wild. All sense of fiduciary resposibility gone out the window. Yet the "fees" keep flowing. I just don't see how they can "invest" in commodities futures without distorting the market considerably" It's illegal to boot, but I'm sure GS got some exclusion legislation passed to cover it. Maybe they'll try to invest in the human body organ market next.

“In effect, they’re going to Las Vegas,” said Frederick E. Rowe, a Dallas investor and the former chairman of the Texas Pension Review Board, which oversees public plans in that state. “Double up to catch up.”

Though they generally say that their strategies are aimed at diversification and are not riskier, public pension funds are trying a wide range of investments: commodity futures, junk bonds, foreign stocks, deeply discounted mortgage-backed securities and margin investing. And some states that previously shunned hedge funds are trying them now.

The Texas teachers’ pension fund recently paid Chicago to receive a stream of payments from the money going into the city’s parking meters in the coming years. The deal gave Chicago an upfront payment that it could use to help balance its budget. Alas, Chicago did not have enough money to contribute to its own pension fund, which has been stung by real estate deals that fizzled when the city lost out in the bidding for the 2016 Olympics.

http://www.nytimes.com/2010/03/09/business/09pension.html?hp

[flying]

Pension Funds gone wild. All sense of fiduciary responsibility gone out the window. Yet the "fees" keep flowing. I just don't see how they can "invest" in commodities futures without distorting the market considerably" It's illegal to boot, but I'm sure GS got some exclusion legislation passed to cover it. Maybe they'll try to invest in the human body organ market next.

Yup........Not that I worry since I have been self employed my whole life so have no pension

But it seems pensions are in the same pot as Social Security or worse as they, the pensions cannot print to cover.

It will all come due soon enough...........

At one point when TARP was started & the markets took off ...I wondered if it was not a concerted effort by the govt to try & restore a bit of the pensions too..... Would not be such a bad idea...Or I should say no worse than propping folks like GS & AIG

At least I could understand the fear that would drive them to try & prop the pensions.

[Abrak]

ah sorry I was mistaken, there is no housing bubble burst in Oz, there is a bull market !!

with no availability and more people flowing in, I too can't see prices coming down. But this is not a bubble, it is a market move due to fundamentals.

This is what bugs me a bit about TV. I dont know whether he actually mans that post or it is simply a joke implying you would be stupid to actually believe my comment was serious. Anyway as I have started answering his post I will answer it without real explanation.

1) release I saw last Australian property prices (based on price to income) occupied 12 of the most expensive cities on the earth. Why should this be? Has the Australian dollar reached a basis where it could be a real hard currency like the baht. Are Australian workers the most productive in the world.

2) Price to income is a farly standard parameter. It really remains stable and differs with no very wde margin in more recent times. Now when Australian property prices higher (or almost 7.5x income) in many places. This historically has chosen to be unsustainable.

So no country I know of has ever sustained this level for a period time of more than a couple of years (I guess Japan might have). Now history is not a great basis to create an argument but it is one. So you should not be a surprised that many perople including myself (argument more to the banking system think it is a bubble). But basicsally on a price to income level Australiais the most expensive country to buy property. To me it is a bubble. What are the economic arguments to justify it is due to fundamentals and why do you think Australian property will reman the most expensive on the planeti.

[flying]

This is what bugs me a bit about TV. I dont know whether he actually mans that post or it is simply a joke

That is TV needs this icon in their list of smiley's.........

PS: right click it & save it for future use

[manarak]

ah sorry I was mistaken, there is no housing bubble burst in Oz, there is a bull market !!

with no availability and more people flowing in, I too can't see prices coming down. But this is not a bubble, it is a market move due to fundamentals.

This is what bugs me a bit about TV. I dont know whether he actually mans that post or it is simply a joke implying you would be stupid to actually believe my comment was serious. Anyway as I have started answering his post I will answer it without real explanation.

1) release I saw last Australian property prices (based on price to income) occupied 12 of the most expensive cities on the earth. Why should this be? Has the Australian dollar reached a basis where it could be a real hard currency like the baht. Are Australian workers the most productive in the world.

2) Price to income is a farly standard parameter. It really remains stable and differs with no very wde margin in more recent times. Now when Australian property prices higher (or almost 7.5x income) in many places. This historically has chosen to be unsustainable.

So no country I know of has ever sustained this level for a period time of more than a couple of years (I guess Japan might have). Now history is not a great basis to create an argument but it is one. So you should not be a surprised that many perople including myself (argument more to the banking system think it is a bubble). But basicsally on a price to income level Australiais the most expensive country to buy property. To me it is a bubble. What are the economic arguments to justify it is due to fundamentals and why do you think Australian property will reman the most expensive on the planeti.

are those stats online?

can you provide a link?

my opinion is really that the australian housing market is just too small for being able to trigger a crisis of the AUD.

Plus Oz has so much space, I would wonder why they wouldn't just build new houses if needed.

That's why I am interested in seeing the stats.

[Abrak]

ah sorry I was mistaken, there is no housing bubble burst in Oz, there is a bull market !!

with no availability and more people flowing in, I too can't see prices coming down. But this is not a bubble, it is a market move due to fundamentals.

This is what bugs me a bit about TV. I dont know whether he actually mans that post or it is simply a joke implying you would be stupid to actually believe my comment was serious. Anyway as I have started answering his post I will answer it without real explanation.

1) release I saw last Australian property prices (based on price to income) occupied 12 of the most expensive cities on the earth. Why should this be? Has the Australian dollar reached a basis where it could be a real hard currency like the baht. Are Australian workers the most productive in the world.

2) Price to income is a farly standard parameter. It really remains stable and differs with no very wde margin in more recent times. Now when Australian property prices higher (or almost 7.5x income) in many places. This historically has chosen to be unsustainable.

So no country I know of has ever sustained this level for a period time of more than a couple of years (I guess Japan might have). Now history is not a great basis to create an argument but it is one. So you should not be a surprised that many perople including myself (argument more to the banking system think it is a bubble). But basicsally on a price to income level Australiais the most expensive country to buy property. To me it is a bubble. What are the economic arguments to justify it is due to fundamentals and why do you think Australian property will reman the most expensive on the planeti.

are those stats online?

They are bound to be, will see if I can find them later. The top 20 also includes one UK city which I asked someone to guess and he got straight away but it was a surprise to me. Bournmouth. That of course is because everyone is retired

can you provide a link?

my opinion is really that the australian housing market is just too small for being able to trigger a crisis of the AUD.

I am not sure that is actually right in that I believe Aussie households are one of the most leveraged. I certainly recall mortgage debt to GDP being over 100% Will try and find that lnk too.i

Plus Oz has so much space, I would wonder why they wouldn't just build new houses if needed.

That's why I am interested in seeing the stats.

[Naam]

The best is to bet on well-managed independent currencies like the Swiss Franc and on nations with relatively few citizens and high natural resources, like Canada and Australia.

i don't see anything well managed and when i look at the long term charts of CAD and AUD and see the huge fluctuations vs. "real" currencies it gives me the creeps.

example: USD/AUD

disclaimer: i hold, amongst others currencies, also AUD and CAD.

[Abrak]

Some stuff on Australia - had some better links but here we go

http://www.ipa.org.au/news/2064/easier-zon...ate-home-prices

I havent it all but 11 of the 25 least affordable cities. A price to income ratio of 6.8x (usually it would be 3.5c - 4.0 in countries.

While I was looking and you could tell I didnt look to hard, the first table I came across was this which is so ludicrous I cant believe someone put it on the internet but it is quite amusing. And its worth looking as it is from a buy Sydney it is only 47th most expensive city. If you happen to believe this table, then it is a little strange, but not as scary as if it were true.

http://www.numbeo.com/property-investment/rankings.jsp

Sorry off topic but it is really the debt numbers that have housing bubble written all over them.

http://www.dailytelegraph.com.au/news/sund...0-1225813804691

Here is a bit about debt.Mortgages are 90% of GDP. Households spend a rather staggering 39% of income paying debt. Doesnt leave them much for beer. Mortgage debt as a percent of GDP has increased from about 17% in 1985. Disposable incomes have been rising at 6% and mortgage debt growth at 15%. Those sort of stats one can pretty much guarantee are non-sustainable in the long run. So those are absolutely the fundamentals of a bubble - it makes it tricky justifying buy in Australia now.

Mind you might put it all be down to other fundamentals. Bernanke and Greenspan argue that it is impossible to identify asset bubbles (Bernanke has written a long paper on the subject). It does seem odd that they know how to create them though

[manarak]

The best is to bet on well-managed independent currencies like the Swiss Franc and on nations with relatively few citizens and high natural resources, like Canada and Australia.

i don't see anything well managed and when i look at the long term charts of CAD and AUD and see the huge fluctuations vs. "real" currencies it gives me the creeps.

example: USD/AUD

disclaimer: i hold, amongst others currencies, also AUD and CAD.

well managed pertained only to CHF.

[manarak]

The best is to bet on well-managed independent currencies like the Swiss Franc and on nations with relatively few citizens and high natural resources, like Canada and Australia.

when i look at the long term charts of CAD and AUD and see the huge fluctuations vs. "real" currencies it gives me the creeps.

example: USD/AUD

well, have a look at USD against CHF.

CHF is a very stable currency. USD had a high at 1.82 and a low at 1.00

This means in your USD/AUD chart, a lot of the variation can be attributed to unstability of USD.

EUR against USD: low at 0.83, high at 1.60 - almost 100%.

don't take the USD as a reference.

plus I think EUR, USD and GBP are heading down in the longer term.

so the goal of the game is not to obtain a basket that correlates with these currencies, but rather a basket that at minimum maintains par with CAD, AUD, YUAN, BAHT (or even better gains value against BAHT) ...

because I do think these currencies will gain value, as well as gold, because these 3rd world currencies will need something to build their reserves on, now that the former heavyweights are not so trustworthy anymore.

The crisis isn't over, think about the baby boomers and the global trade flows. We are looking onto a 20 year long downward spiral.

[Naam]

The best is to bet on well-managed independent currencies like the Swiss Franc and on nations with relatively few citizens and high natural resources, like Canada and Australia.

when i look at the long term charts of CAD and AUD and see the huge fluctuations vs. "real" currencies it gives me the creeps. example: USD/AUD

well, have a look at USD against CHF. CHF is a very stable currency. USD had a high at 1.82 and a low at 1.00

This means in your USD/AUD chart, a lot of the variation can be attributed to unstability of USD.

to me it does not matter whether the hen or the egg was first. what counts is the result/bottom line. even if we assume that CHF is a stable currency it always had the big disadvantage of extremely low yields when other currencies yielded a multiple.

[Naam]

1. plus I think EUR, USD and GBP are heading down in the longer term. so the goal of the game is not to obtain a basket that correlates with these currencies, but

2. rather a basket that at minimum maintains par with CAD, AUD, YUAN, BAHT (or even better gains value against BAHT) ... because I do think these currencies will gain value,

3. as well as gold, because these 3rd world currencies will need something to build their reserves on, now that the former heavyweights are not so trustworthy anymore.

4. The crisis isn't over, think about the baby boomers and the global trade flows. We are looking onto a 20 year long downward spiral.

1. my EUR investment more than doubled in 2009 and the rather small niche (subs) i use for EUR investments renders fat yields which (i assume) will beat CAD and the asian currencies you mentioned. to a lesser extent that applies to my USD holdings too.

2. CAD and AUD are mainly commodity driven. you can't hold CNY except via NDFs which yield a pittance or in peanuts amounts with big restrictions. i agree as far as Baht is concerned and hold several years of thai expenditure in Baht.

3. my view on gold is different from yours and that of my wife (who built up substantial gold holdings during the last 1½ years). but then... she is a gambler and even trades (YUCK!) shares.

4. i agree that the crisis is not over but that applies globally to all countries.

presently my currency ratio (bonds and cash) is:

EUR 44%

USD 22%

THB, TRY, BRL, CAD, AUD, ZAR 34%

[churchill]

Gold Demand: Not What You Think

http://www.hardassetsinvestor.com/features...-you-think.html

[sokal]

Gold Demand: Not What You Think

http://www.hardassetsinvestor.com/features...-you-think.html

sure looks like a bubble to me.

[manarak]

1. plus I think EUR, USD and GBP are heading down in the longer term. so the goal of the game is not to obtain a basket that correlates with these currencies, but

2. rather a basket that at minimum maintains par with CAD, AUD, YUAN, BAHT (or even better gains value against BAHT) ... because I do think these currencies will gain value,

3. as well as gold, because these 3rd world currencies will need something to build their reserves on, now that the former heavyweights are not so trustworthy anymore.

4. The crisis isn't over, think about the baby boomers and the global trade flows. We are looking onto a 20 year long downward spiral.

1. my EUR investment more than doubled in 2009 and the rather small niche (subs) i use for EUR investments renders fat yields which (i assume) will beat CAD and the asian currencies you mentioned. to a lesser extent that applies to my USD holdings too.

2. CAD and AUD are mainly commodity driven. you can't hold CNY except via NDFs which yield a pittance or in peanuts amounts with big restrictions. i agree as far as Baht is concerned and hold several years of thai expenditure in Baht.

3. my view on gold is different from yours and that of my wife (who built up substantial gold holdings during the last 1½ years). but then... she is a gambler and even trades (YUCK!) shares.

4. i agree that the crisis is not over but that applies globally to all countries.

presently my currency ratio (bonds and cash) is:

EUR 44%

USD 22%

THB, TRY, BRL, CAD, AUD, ZAR 34%

It certainly is possible to do very well short term with EUR and USD. There will be ups and downs, yet I believe the larger trend is going down.

As far as CNY is concerned, I just said you want to maintain your portfolio value vs. CNY, I wasn't suggesting to invest in CNY, which is not practical to do.

yes, CAD and AUD are commoditiy driven - commodities are valuable and their price cannot slump below 0. Many commodity markets have already suffered because of reduction of industrial production/comsumption of raw materials, so I don't see the price for CAD/AUD commodities (mainly mining) going down. Plus Canada has huge energy reserves.

Regarding shares, I do as well. I did very well over the last 2 years with shares in AUD gold mines and non-ferrous metals.

I will also soon switch back into uranium/nuclear companies.

The crisis is global, but it hits the old economies much harder than the "tigers".

Tigers have no pensions to pay, no healthcare system to specialize in gerontology, they are producing manufactured good instead of importing them, etc. in the meanwhile, the big european companies have all their trade flows channelled through offshore companies where the profits get syphoned.

Fiscal pressure on middle class will continue to rise until it breaks.

Europe is bleeding out.

The US must watch out.

They can make it... or not - we'll see.

[Naam]

"It certainly is possible to do very well short term with EUR and USD. There will be ups and downs, yet I believe the larger trend is going down."

as long as the yield difference is positive enough to match or surpass any depreciation i don't mind.

[Naam]

"Europe is bleeding out."

that remains to be seen. i'm also confident that the problems of the european PIIGS will be solved and -if need be- a couple of non-performers will be kicked out.

"The crisis is global, but it hits the old economies much harder than the "tigers". Tigers have no pensions to pay, no healthcare system to specialize in gerontology, they are producing manufactured good instead of importing them..."

if Europe is bleeding out and the US (which is in a worse state) must watch out then the tigers can sell their products to whom? to each other? China is decades away from having an economy driven by domestic demand. in this respect India has a much better hand of cards and is not as depending on exports. Australia with its relatively small population hardly counts. Japan's population is too small to absorb its huge domestic production and the same applies to Taiwan and Korea. the economy of pussycat tiger Singapore is based on services. what tigers are left? Malaysia, Thailand, Vietnam?

[Naam]

the economy of pussycat tiger Singapore is based on services. what tigers are left? Malaysia, Thailand, Vietnam?

oops! i forgot to mention the most fearful asian economic tigers... Bangla Desh, Myanmar, Laos, Cambodia and the Philippines.

[flying]

Things are getting mixed up, ......................

It is fine to carry large amounts of metals out of the country, however, if the metals are in bar form or jewellery, you can expect to pay duty on them to what ever country you enter. If they are "face value" legal tender coins, then no duty will be paid. This is the reason why I am an advocate of Canadian Maples, it leaves the option open for me to transport them around the world without worry of paying duty each time.

It is not a crime to move ones wealth from place to place, no matter how much "big brother" wants us to think it is. I even have friends that get scared when carrying $5K on them, like they are doing something wrong.

Yep what he said

[sokal]

"Europe is bleeding out."

that remains to be seen. i'm also confident that the problems of the european PIIGS will be solved and -if need be- a couple of non-performers will be kicked out.

"The crisis is global, but it hits the old economies much harder than the "tigers". Tigers have no pensions to pay, no healthcare system to specialize in gerontology, they are producing manufactured good instead of importing them..."

if Europe is bleeding out and the US (which is in a worse state) must watch out then the tigers can sell their products to whom? to each other? China is decades away from having an economy driven by domestic demand. in this respect India has a much better hand of cards and is not as depending on exports. Australia with its relatively small population hardly counts. Japan's population is too small to absorb its huge domestic production and the same applies to Taiwan and Korea. the economy of pussycat tiger Singapore is based on services. what tigers are left? Malaysia, Thailand, Vietnam?

China only needs 300,000 of its population to replace the US for domestic consuption. Time to de peg

[churchill]

Gartman: Here's Why Europe Is About To Dump Lots Of Gold Onto The Market

http://www.businessinsider.com/gartman-get...-the-emf-2010-3

[Naam]

"Europe is bleeding out."

that remains to be seen. i'm also confident that the problems of the european PIIGS will be solved and -if need be- a couple of non-performers will be kicked out.

"The crisis is global, but it hits the old economies much harder than the "tigers". Tigers have no pensions to pay, no healthcare system to specialize in gerontology, they are producing manufactured good instead of importing them..."

if Europe is bleeding out and the US (which is in a worse state) must watch out then the tigers can sell their products to whom? to each other? China is decades away from having an economy driven by domestic demand. in this respect India has a much better hand of cards and is not as depending on exports. Australia with its relatively small population hardly counts. Japan's population is too small to absorb its huge domestic production and the same applies to Taiwan and Korea. the economy of pussycat tiger Singapore is based on services. what tigers are left? Malaysia, Thailand, Vietnam?

China only needs 300,000 of its population to replace the US for domestic consuption. Time to de peg

bla-bla-bla-bla... then why does China not use only 300k of its population and does away with the US as a buyer of its goods?

[Naam]

Gartman: Here's Why Europe Is About To Dump Lots Of Gold Onto The Market

http://www.businessinsider.com/gartman-get...-the-emf-2010-3

"This morning's Gartman Letter is all about gold.

And it doesn't stop there. China has no intention of buying gold on the open market. He quotes an anonymous official, saying:

"It is not feasible for China to buy IMF gold as any purchase or even intent to do so would trigger market speculation and volatility."

China must, under any circumstance, suggest it is interested in buying gold. It would no doubt trigger a huge swing in the commodities market. Gartman suggests that in the future, China will boost its reserves to level up to other central bank averages.

was Gartman drunk when he wrote this? since when is a purchase of IMF gold "open" market? China must or must NOT suggest...?

[churchill]

"was Gartman drunk when he wrote this? since when is a purchase of IMF gold "open" market? China must or must NOT suggest...? "

Probably drunk - He changes his view on gold often ? I think he says he hates gold so will give it a knock at every opportunity /

He says " Mr. Gartman predicts that we'll soon see a "rather severe" sell off of gold from legacy central banks of Europe to fund the oft-rumored European Monetary Fund or EMF."

I would think that Gold is the one asset they would hold on to ?