Tag Archives: gold goes where money is

Notable Quotable

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“For a variety of reasons it is likely that central banks that hold gold will tend to husband their reserves and that some with low levels of reserves will acquire more. Gold goes where the money is. After moving from the colonial world to Europe, to the United States, back to Europe it is now moving to the emerging economies of Asia. This is consistent with the view that central bank’s gold position signals economic power and prestige.”

James Steel
Hong Kong Shanghai Bank Corporation

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