Gold is well over $1700/oz, yet these two whales are gulping up bullion like so much krill.
Gold is the ultimate hedge. Throughout the ages, gold has been a reliable store of wealth. It is one of the reasons the founders of the US republic insisted that gold back the dollar. Come hell of high inflation (or nearly anything else) gold holds it’s value.
This is why people with serious money are moving into gold more and more. Even now, after a 12 year rise. It’s stormy now, but things can get stormier still.
Gold’s 12-year rally, the longest in at least nine decades, is poised to continue in 2013 as central bank stimulus spurs investors from John Paulson to George Soros to accumulate the highest combined bullion holdings ever.