Is this the beginning of the end for the us dollar? Could this all take place as soon as this December? Tighten your seat belt, batten the hatches, whatever...
Some numbers (from a different source):
... Now, the World Gold Council has confirmed the trend with hard numbers for the third quarter of this year. In a page-and-a-half press release summarizing 3Q2008 activity, the WGC had to use the word “record” ten times. Some highlights:
* Dollar demand for gold in Q3 was a record US$32 billion, 45% higher than the previous record, set in 2Q2008.
* Identifiable investment demand, which incorporates demand for gold through exchange-traded funds (ETFs), bars and coins, rose to $10.7 billion (12.3 million ounces), double year-earlier levels.
* Retail investment demand rose 121% to 7.5 million ounces, with strong bar and coin buying in the Swiss, German, and U.S. markets. Europe as a whole saw an all-time record 1.64 million ounces of bar and coin buying. France became a net investor in gold for the first time since the early 1980s.
* Gold ETFs posted a record quarterly inflow of 4.8 million ounces in Q3. After the collapse of Lehman Brothers in late September, ETF inflows shot higher by an unprecedented 3.6 million ounces in only five days.
* Demand for gold jewelry hit a record $18 billion. Leading the way was India, which witnessed a rise of 65% in dollar value (1.3 million ounces) compared with 3Q2007. The Middle East, Indonesia, and China all experienced increases of more than 40% in value or 10% in weight, year over year.
At the same time that demand is setting records, supply has been unable to keep pace, falling 9.7% from year-earlier levels, the WGC reported. The drop was largely due to inaction on the part of central banks, which have increasingly shut their vault doors.
Physicist (my original degree is in atmospheric physics and geophysics but I graduated in space physics), sensor design consultant, embedded software, (website),(picture of my lab). My consulting company: website and resume. Recently working full-time on consumer audio products. This blog contains essays, articles and debates on human nutrition (high animal fat low carb since 1999), science and other topics. I welcome all heresies - which I always regard as beneficial! I welcome debates and discourage conformity of any kind. I seek creative and self-reliant people. I am currently interested in nutritional biochemistry and human -to-primate social regression (link) emerging in the collectivistic cultures.