TORONTO (Bullion Street): Gold could rebound to $10,000 an ounce after bottoming out in 2013 if there is a repeat of the 1974-76 phenomenon when gold rose by the same percentage as its 1976 low to 1980 high, according to Nick Barisheff, Founder, President and CEO of Bullion Management Group Inc (BMG).
Gold is migrating to the East. China has a stated target of 10,000 tonnes of gold, and Fed policies of gold price manipulation and artificially low interest rates will make this goal attainable in the coming years. This is why many feel China will hold the world’s next reserve currency, Nick Barisheff said.
At the recent Toronto Austrian Scholars conference here, Nick Barisheff said that Central banks who are the largest holders of gold but take public posture against owning the metal. The fact is that the gold holdings are only on paper and western central bankers have been involved in the practice of leasing, swapping their gold holdings for decades. Whatever, gold is held in the vaults at the Federal Reserve Bank of New York and even in Fort Knox through hypthecation and re-hypothecation, has several claims to ownership. ...