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'Physical Gold' to gain on German repatriation plan

'Physical Gold' to gain on German repatriation plan | Gold and What Moves it. | Scoop.it
From www.bullionstreet.com - January 16, 2:12 PM
Financial gold or paper gold served the globe for too long and during the current economic crisis,it may not get the support it enjoyed for long.

 

LONDON(BullionStreet): Germany's decision (not officialised yet) to repatriate a major portion of it's gold stored in the US,UK and France may start the trend of switching to physical gold from financial gold, analysts said.

 

They added that financial gold or paper gold served the globe for too long and during the current economic crisis,it may not get the support it enjoyed for long.

 

They however said the process is definitely in its early stages. But it may eventually appear as people and governments want to see the real gold to fight inflation.

 

Some experts said if gold repatriation becomes a worldwide trend, it will be obvious that both the US and UK have lost their credibility as gold custodians. ...

Hal's insight:

More countries to follow soon, I'm sure.

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A China Gold bar that rusts

From www.bullionstreet.com - January 16, 1:30 PM
A gold bar sold by China's state-controlled China National Gold Group showed signs of rust.

 

BEIJING(BullionStreet): A gold bar sold by China's state-controlled China National Gold Group showed signs of rusting, reports Beijing Times.

 

According to the tabloid, In October 2010, a man identified only by his surname, Shen, purchased what he believed to be pure gold product manufactured by China National Gold from a Beijing department store for 14,900 yuan ($2,400).

 

The bar was stored in a bank safe until Dec. 18, when Shen noticed that it had developed red spots and what appeared to be rust corrosion on the base. As the most non-reactive of all metals, gold should never rust unless it has been mixed with other metals or has been contaminated with additives.

 

On Dec. 24, Shen took the gold back to the store and was offered a refund once staff verified that it was the same item he originally purchased.

 

Shen refused, saying that all he wanted was an explanation. ...

Hal's insight:

LOL China not minting pure gold? LOL go figure.

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