Big Players Reaffirm the Value of Gold By Jocelynn Smith, Sr. Managing Editor In China's far west Xinjiang Uygur region, one herdsman now finds himself unexpectedly better prepared for an uncertain future.
In a particularly lucky discovery earlier this week, the herdsman nearly tripped over a 17-pound gold nugget he says was "practically lying on bare ground." Assuming the nugget is at least 80% pure, this spectacular find is estimated to be worth $255,313 at gold's current trading price of $1,261 an ounce.
With the metal rising in demand recently, this herdsman has joined a rather exclusive crowd with his newly acquired gold. In January, hedge funds increased their net long positions in gold by nearly 20%, creating the largest long position they've held since December 2012. The World Gold Council's latest report also shows that central banks have been loading up on the yellow metal, as their demand for gold increased to 335 tons through the end of the third quarter of 2014, up 11 tons from the same period a year ago.
With a swirling vortex of uncertainty ravaging the global markets, this is an important development to pay attention to. Investors are faced with questions about Greece's debt situation, ongoing sanctions against Russia, increasing violence in Ukraine and the Middle East, low oil prices and numerous world governments printing money as fast as they possibly can to save their economies.
What the World Gold Council, central banks, hedge funds and gold bulls know is that gold's relative performance during a distressed global financial environment will be on the upside.
As Jeff has explained, The multitude of risks our world confronts now are globally destabilizing because of the interconnectedness of economies and investment markets … Yet central banks around the world have continued to be large buyers of gold, regardless of price. They're loading up on insurance. They're preparing for a catastrophe that could shake the world far more violently than the global financial crisis. Which is why I tell you: The state of the world today requires one commitment from you — a commitment to gold. So don't wait to find your own 17-pound nugget of gold while out for an evening walk. Start investing in gold now so that your lifestyle stays protected.
Regards,
Jocelynn Smith,
Sr. Managing Editor, Sovereign Investor Daily P.S. If you missed any of last week's Sovereign ideas, please see our commentaries below:
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