Gold continues to act out of sync with its normal motivators. Reports indicate that South Korea shoot first. Anyway international tensions have no had a major impact on gold in the past year. Yet gold held the majority of it upside today. This is the third trading day that gold has managed the shake off normal market detractions. I find that interesting.
Jim
Perhaps gold is beginning to recognize the redistribution of the foreign holders of US Treasuries. The following tables illustrate the slow and steady withdrawal of marginal purchases of US Treasuries by China since the onset of the crisis in 2009. The sharp increase in marginal participation from the United Kingdom (and its various conduits of direct and indirect money) only fuels the speculation to who represents this buying. Some of this money might have the initials BB.
Eric
Major holders of US Debt As Percentage of the Grand Total 2009:
Major holders of US Debt As Percentage of the Grand Total 2010:
Source: treas.gov
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