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發表於 2008-4-3 13:38:47
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CDO兄好~~
開銀行,幾時都最好
Speaking of the US central bank, we have repeatedly put forth the idea that global central banks are becoming but marginal players
in the gold price and supply equation. Such 'heresy' was countered with red flares from the aluminium hats who assured the rest of us that gold was, and is, very much indeed, under the heavy cast-iron lid of the CBs. Yes, and that is why it was 'permitted' to rise
three-fold. Time for outside opinion to now be quoted:
Investors should not overrate the role of the world's central banks' power over the gold price, an analyst said on Wednesday.
Hartleys director Martin Pyle said central banks contributed to some volatility in world gold prices but in real terms, commanded
control over only 25% of world gold reserves. Quoted in a press release based on his address at the 2008 Paydirt Gold
Conference in Perth, Pyle said: "Central banks should not be viewed as the be-all and end-all in influencing the gold price."
"Their control is further limited in that 50% of their holding at any time is also subject to orderly sales agreements and the banks are not achieving these orderly sales currently," he stated.
"What sales they are securing are in the order of US$5-15 billion a year but that is small in terms of the financial scale of global
markets - at a time when the gold price has risen by 300%."
In other words, they could care less. They will sell if they have to (the original purpose of placing the stuff in the basement), they might buy if they are trying to build confidence (Russia) but they will otherwise abstain (China, US, Germany, etc.) from getting in or out. Which is a lot more than can be said about the eighth largest 'central bank' out there. The gold ETF. There are no WAG
agreements or policy makers to discipline its constituents and their holdings. |
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