Peter Jackson

No Reason to Fear the IMF Gold Sales

Why the recent obsession with gold? Gold creates no jobs, pays no dividends and stimulates no economic activity. After the days (in early 1980) when Bunker Hunt pushed the silver price to $50 per oonce and gold rocketed to nearly $900 per ounce, both metals fell to a small fraction of those prices.
For a quarter of a century the metal prices languished, but suddenly
gold is touted as a 'must have' asset. From what I see, world use of gold for jewellery and decorative purposes is diminishing rapidly. leaving the speculators to pick up the baton.
The purchase of gold is driven by greed and speculative forces, the same forces which caused the housing bubble. Can people not see this?

Peter Jackson.