May 4, 2011High central banks purchases of gold ...
بغداد-الصباح BAGHDAD - morning
Economic report said that a large number of central banks that were selling large quantities of gold reserves has in the past decade has now shifted to the purchase of the yellow metal in a bid to reduce its dependence on the dollar as a reserve currency.
The news agency Bloomberg financial news for Robert McQueen, CEO of U.S. Gold Corp. for the production of gold say that developing countries buy increasing amounts of gold, which could raise the price to $ 2000 per ounce compared to approximately $ 1570 today in the New York Stock Exchange.
For his part, expects Michael Pinto, an economist at Euro Pacific Capital and the price of gold during the current year to more than $ 1600 an ounce.
The price of gold has scored 15 set a record this month, thanks to growing demand from investors who are looking for a safe alternative to the dollar as a saving in the wake of the significant decline of the U.S. currency with the increasing size of the U.S. public debt.
McQueen said that China is approaching the superiority of the United States in terms of the size of the gold reserves have a direction in which Russia, too.
He added that China wants to show the world that are supported, including local currency is more than just a large reserve of U.S. currency by increasing its reserves of gold.
The year 2010 has witnessed increased quantities of gold purchased by central banks on the quantities of gold and sold for the first time in nearly two decades as the volume of purchases of these banks are about 87 tonnes of gold according to the World Gold Council.
