Gold as a "Currency" + 2) Renminbi (Chinese Yuan) on the move up
Gold itself is now just about the only 'Currency' still on the "Gold Standard"
-'currency' concept from Dave Rosenberg, conclusion Rce
April 29 (Bloomberg) -- Central banks that were net sellers of gold a decade ago are buying the precious metal to reduce their reliance on the dollar as a reserve currency, signaling demand that may extend a record rally in prices.
As developing countries accelerate purchases, gold may reach $2,000 an ounce this year, compared with a record of $1,538.80 yesterday in New York, said Robert McEwen, the chief executive officer of producer U.S. Gold Corp. Euro Pacific Capital’s Michael Pento, who correctly predicted gold’s highs for the past two years, forecast a 2011 high of $1,600.
Prices reached a record 14 times this month on demand from investors seeking an alternative to the dollar after the currency slumped to the lowest since 2009, U.S. debt widened, and the Federal Reserve signaled April 27 that borrowing costs will remain near zero percent for an extended period. The economy in China, the biggest foreign holder of U.S. Treasuries, grew 9.7 percent in the first quarter.
“China is out to have more gold than America, and Russia is aspiring to the same,” McEwen said yesterday in an interview in New York. “When you have debt, you don’t have a lot of flexibility. China wants to show its currency has more backing than the U.S.”
continue
http://noir.bloomberg.com/apps/news?pid=20601087&sid=a3Pxj9OUMnsw&pos=6
2) Yuan Breaks Through 6.5 Per Dollar for First Time Since 1993
Open a CNY (Renminbi) denominated account at the Bank of China (Canada)
Downtown, Milliken & Peanut Plaza Locations
Ride the wave of USdollar down simultaneous with CNY up
-'currency' concept from Dave Rosenberg, conclusion Rce
1) Gold Luring Central-Bank Buyers May Extend Record Rally in Price
April 29 (Bloomberg) -- Central banks that were net sellers of gold a decade ago are buying the precious metal to reduce their reliance on the dollar as a reserve currency, signaling demand that may extend a record rally in prices.
As developing countries accelerate purchases, gold may reach $2,000 an ounce this year, compared with a record of $1,538.80 yesterday in New York, said Robert McEwen, the chief executive officer of producer U.S. Gold Corp. Euro Pacific Capital’s Michael Pento, who correctly predicted gold’s highs for the past two years, forecast a 2011 high of $1,600.
Prices reached a record 14 times this month on demand from investors seeking an alternative to the dollar after the currency slumped to the lowest since 2009, U.S. debt widened, and the Federal Reserve signaled April 27 that borrowing costs will remain near zero percent for an extended period. The economy in China, the biggest foreign holder of U.S. Treasuries, grew 9.7 percent in the first quarter.
“China is out to have more gold than America, and Russia is aspiring to the same,” McEwen said yesterday in an interview in New York. “When you have debt, you don’t have a lot of flexibility. China wants to show its currency has more backing than the U.S.”
continue
http://noir.bloomberg.com/apps/news?pid=20601087&sid=a3Pxj9OUMnsw&pos=6
2) Yuan Breaks Through 6.5 Per Dollar for First Time Since 1993
Open a CNY (Renminbi) denominated account at the Bank of China (Canada)
Downtown, Milliken & Peanut Plaza Locations
Ride the wave of USdollar down simultaneous with CNY up
posted by Walk a Kb or Two in my cassins | 7:47 am
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