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| Janszen's Quick Comment Predicting our economic future since 1998 |
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#20
11-19-09, 10:55 PM
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Re: Last hurrah?
SocGen says $6,300 is fair value for Gold:
http://commoditytradealert.com/blog/?p=3894 The similarity between the decision of India’s central bank to buy half the IMF’s entire sale of gold, and the move by France’s central bank to start converting dollars into gold in 1965 — which was, of course, the start of the slippery slope leading to the collapse of Bretton Woods and the closure of the US gold window under Nixon. In the gold mania that followed, the price rose to levels that matched the US dollar monetary base (it reached 140pc at the peak). If that were to occur today after Ben Bernanke’s go at the printing press, gold would have to reach $6,300 an ounce. The US owns 263m ounces of gold while the Fed’s monetary base is $1.7 trillion. Simple equation. 
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