Going Gold

If buying gold is just a fad trend; if buying gold is just being paranoid; If buying gold is a bad investment - Then why are all the central banks starting to do it BY THE TON?

Zimbabwe To Trade Diamonds For Gold As It Prepares To Launch Gold-Backed Currency
by Tyler Durden

A week ago we presented the idea floated by once hyperinflationary Zimbabwe, oddly jeered by most, that the country is seeking to move to a gold-backed currency, adding, somewhat surrealistically, that the "days of the US dollar as the world's reserve currency are numbered." And if anyone should know a hyperinflationary basket case, it's Zimbabwe. Well, today this bizarre story just went fuller retard, after the country announced that it may exchange diamonds for gold "so that it can have a gold-backed currency, according to a recent proposal from the governor of Zimbabwe’s central bank." Indeed we speculated previously why: "Zimbabwe, a country rich in natural resources, took so long to figure out that it was nothing but a puppet in the hands of western monetary interests." Well, others are now getting this idea.

http://www.zerohedge.com/article/zimbabwe-trade-diamonds-gold-it-prepares-launch-gold-backed-currency



China Becomes World’s Larest Gold Buyer - Buys 93.5 Tonnes Of Gold Coins / Bars in Q1 - Gold Ownership Rising From Miniscule Levels
By GoldCore

Gold and silver are higher again today with the debt laden dollar, euro and yen all being sold. News that China has become the world’s largest buyer of gold bullion and has seen investment demand double continues to reverberate in the markets and may have contributed to this morning’s strength.

Chinese investors bought 93.5 tonnes of gold coins and bars in the first quarter. China produced 340 metric tons of gold last year and consumption was about 700 tonnes

http://www.zerohedge.com/article/china-becomes-world%E2%80%99s-larest-gold-buyer-buys-935-tonnes-gold-coins-bars-q1-gold-ownership-ri


PIMCO's largest holding is now in GOLD
by International Business Times

Anne Gudefin, PIMCO’s global equities portfolio manager, likes gold.

“The largest position in [our] fund is gold, which we think is a very good form of protection against what can go wrong,” said Gudefin in an interview with Fortune published on May 12

http://uk.ibtimes.com/articles/144859/20110512/gold-pimco-gudefin.htm