The financial crisis in the West has central banks buying up large amounts of gold to hedge against devaluing reserve currencies, a practice that could effect a shortage in the global gold supply, reports Gold Price.
New York, NY (PRWEB) February 25, 2013
In response to the economic stimulus programs employed by the world?s most powerful governments, central banks in many developing countries are transferring their holdings into gold, as the metal is considered a more tangible asset than reserve currencies that are being devalued in the ongoing currency war. According to reports from the World Gold Council, central bank buying accounted for 534.6 tons in 2012. Quite the shift from the previous trend of central banks selling 400 tons a year, accounting for over 900 tons in a 4,000 ton market. Among the new players in the central bank buying game were Latin American countries including Brazil, Paraguay, Venezuela and Mexico. Russia, South Korea and the Philippines held their status of recent big buyers, and Iraq made an appearance onto the scene last year, buying 24.1 tons of gold.Arthur McGuire, Vice President of Gold Price, says, ?As the world?s most powerful central banks print money without restraint, up-and-coming central banks all over the world are starting to realize that they don?t want to hold money that is being devalued and set to see hyperinflation in the future. China and India have been buying vast amounts of gold for years, but now we?re seeing smaller countries jump on the bandwagon, and this shift could cause a shortage soon. We?re recommending that investors buy gold coins and bars now, while prices are low compared to what they could rise to if we end up seeing a significant shortage of physical gold supply.?
Gold Price (GoldPrice.net) is a leading precious metals advisor with headquarters in New York, California, Texas, Utah, New Mexico and Puerto Rico. A direct gold and silver dealer as well, Gold Price specializes in purchasing, selling and trading physical gold and silver such as modern bullion bars and coins and certified rare coins. Investors can visit http://www.goldprice.net or call 1-800-767-1423 to receive a free award-winning gold starter?s kit.
Arthur McGuire
Gold Price
1-800-767-1423
Email Information
Source: http://news.yahoo.com/physical-gold-shortage-possible-near-future-reports-gold-195614805.html
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