Friday, November 28, 2014

Is Gold Facing A 6,000 Year Bubble?

Swiss Set For Gold Vote Amid '6,000-Year Bubble' Warning -- CNBC

With Switzerland edging toward an important referendum on its gold holdings, high-profile critics and advocates have added their voices to the argument. Meanwhile, the country's citizens have been quietly increasing their own personal reserves.

On Sunday, voters in the European country will head to the polls to decide whether the Swiss National Bank (SNB) should refrain from selling any more of its gold and instead boost its gold holdings from 7 to 20 percent.

The initiative is being proposed by the ultra-conservative Swiss People's party with the intention of boosting the security and independence of Switzerland. However, the idea has one very notable critic in Willem Buiter, the chief economist at the U.S. investment bank Citi, who has deemed the commodity to be in a 6,000-year bubble.

Read more ....

My Comment: A 6,000 year bubble .... I doubt it .... and no surprise .... the trend continues to grow of countries demanding their gold holdings be transferred from the U.S. back to their own country's vaults .... Swiss, French call to bring home gold reserves as Dutch move 122 tons out of US (RT).

Update: This is priceless .... Kyle Bass Un-Edited: "Buying Gold Is Just Buying A Put Against The Idiocy Of The Political Cycle. It's That Simple!" (Zero Hedge).

No comments: