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Albert Edwards On Gold Mania, And Why Gold Is Very, Very Cheap
Central bank hoarding of gold in 1970 ushered in the famous gold bull market. With central banks likely to be net gold purchasers in H2 2009 for the first time since 1988 the same starting gun is ringing out today. The price at which the USD would be fully backed by gold (as it was during the peak of the 70s mania) is $6,300. So there is a case for gold being “cheap.” Moreover, the 70s bull market was facilitated by tight energy markets, overly accommodative central banks and nerv
Submitted by
tschuma417
11/18/2009
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tschuma417
11/18/2009
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I am playing this headline with (GLD) because intriguing reading as always from Albert Edwards over at SocGen.
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