The Financial Times: Learn From German Central Bank and “Demand Physical Gold”
by GoldCore
ZeroHedge.com
01/27/2014
Gold surged to its highest level in two months on the open in Asia overnight. Gold was steady at $1,268.60 late morning, after earlier hitting a two-month high of $1,278.01. Other precious metals also edged higher.
Safe haven buying was evident as equities fell on worries about capital outflows from emerging economies, currency crises and macroeconomic and geopolitical risk.
Asian and European shares dived as emerging markets remained under pressure due to concerns that the U.S. Federal Reserve may discontinue its ultra loose monetary policies and unease about the shadow banking system and credit conditions in China. This is raising the possibility of a sharper economic slowdown.
Risks posed to depositor’s cash were seen in the UK after HSBC imposed cash withdrawal limits on clients and Lloyds ATM machines and debit cards experienced difficulties.
The Financial Times has told investors that they should act like the German Bundesbank and “demand physical gold” and warned that gold price “manipulation” could end “catastrophically”.
“There’s surely no chance that the Fed’s little delivery difficulty has anything to do with the cat’s-cradle of pledges based on the gold in its vaults? As has been remarked here before, forecasting the price is for mugs and bugs.
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