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May 19, 2014

A Quick Note on Gold

Monday's action began with a nice pop in gold's price on news that European central banks renewed a pact not to sell significant gold holdings for at least another five years. The pact was motivated, of course, by Gordon brown's disastrous decision to sell 400 tons of Britain's gold at under $300 per ounce at the turn of the century. Be that as it may, the decision to withhold supply is bullish for gold... except for the fact that ...

 

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