andy b

Gold Poised to Move Higher

Your article states there have been 162,500t of gold mined in the entire world history, as of Q3, 2008. Of that, you state that central banks own 18% (29,784t) and investors own 82%. 18% of 162,500t is 29,250t, not 29,784t. That's a 534t discrepancy that needs to be clarified. Overall, I thought it was a great article.

Also, of interest, according to the World Gold Council website, the World Total Official Gold Holdings, as of December 10, 2008, are 29,697.1t. That would mean 87t have left the WTOGH's between Q3 (September), 2008 and December 10, 2008.

Let's see, 32,000 oz. in a ton x 87t = 2,784,000 oz. x current price of $885.00. 2,784,000 oz. x $885.00 = $2,463,840,000. That's apprx. $2.5 billion in gold sold off in the last 3 months by various central banks worldwide.