The World Is Running Out Of Gold

From the UK Telegraph:

Global gold production is in terminal decline despite record prices and Herculean efforts by mining companies to discover fresh sources of ore in remote spots…

The supply crunch has helped push gold to an all-time high, reaching $1,118 an ounce at one stage yesterday.  The key driver over recent days has been the move by India’s central bank to soak up half of the gold being sold by the International Monetary Fund.  It is the latest sign that the rising powers of Asia and the commodity bloc are growing wary of Western paper money and debt.

China has quietly doubled holdings to 1,054 tonnes and is thought to be adding gradually on price dips, creating a market floor…

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