Saturday, March 12, 2005
In the '68-'71 time, period, Embry says, western central-banks dumped 100 Million ounces of Gold to keep the price at $35 per ounce. When they failed, the price jumped 20-fold. The low in 2001 was $250 per ounce, 20-fold is a long way up there. So far the western central-banks have dumped 500 million ounces to manage the price over the last 10-12 years. But, this time eastern central-banks are buying!
When eastern central-bank buying outstips western central-bank selling, and it will in the not-too-distant future, the other remarkably bullish fundamentals for gold will take over and drive the gold price to levels that most people can scarcely imagine today.