ML-Implode News - Germany Reaffirms the Timeless Relevance of Gold

I believe that Germany recognizes full well that gold will play a critical role in anchoring currency markets during periods of acute distress, and that its sovereign gold reserves will represent an increasingly strategic asset. That end-game, I maintain, will necessitate a meaningful upward repricing of gold in U.S.-dollar terms; ultimately vindicating gold expert Jim Sinclair's price objective of $3,500 per ounce.
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To appreciate just how much harder it is to mint new gold than it is to print new dollars, one need only have a glimpse at the gold mining industry... Nearly a year ago, AngloGold Ashanti CEO Mark Cutifani estimated the industry's comprehensive all-in cost structure (including the cost of capital) at $1,650 per ounce. The industry's costs have continued to climb, while recently, at least, the price of gold has not.

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Germany Reaffirms the Timeless Relevance of Gold - Christopher Barker