Kazakhstan’s central bank publicly disclosed that it is aiming for gold bullion to be 20% of its foreign reserves,” he says. “This means that if it only has 12% now, there are more purchases of gold bullion to come.
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New York, NY (PRWEB) July 02, 2012
According to Michael Lombardi, lead contributor to Profit Confidential, Asian central banks have the money, but they don’t have enough gold bullion in their reserves. Lombardi believes this is set to change, which means the demand for gold bullion will continue to be very strong for years to come.
In the article “He Who Has Money, Buys Gold,” Lombardi explains that Asian central banks have been identified as large buyers of the most recent gold bullion holdings.
“If they want to achieve the level of reserves that the West has, they are going to have to continue to increase their buying of gold bullion dramatically,” says Lombardi.
According to Lombardi, the central banks of Asia are selling European bond holdings to buy gold bullion.
“Kazakhstan’s central bank publicly disclosed that it is aiming for gold bullion to be 20% of its foreign reserves,” he says. “This means that if it only has 12% now, there are more purchases of gold bullion to come.”
The Profit Confidential lead contributor also notes that South Korea has not mentioned anything about its one-percent holding of gold bullion, but that one percent has been accumulated since May 2009.
“The South Korean central bank has recently made more purchases of gold bullion, which seems to indicate South Korea could continue adding to its foreign reserves,” says Lombardi.
Lombardi notes that while Asia has the money through its foreign reserves, the West has the gold bullion.
Profit Confidential, which has been published for over a decade now, has been widely recognized as predicting five major economic events over the past 10 years. In 2002, Profit Confidential started advising its readers to buy gold-related investments when gold traded under $300 an ounce. In 2006, it “begged” its readers to get out of the housing market... before it plunged.
Profit Confidential was among the first (back in late 2006) to predict that the U.S. economy would be in a recession by late 2007. The daily e-letter correctly predicted the crash in the stock market of 2008 and early 2009. And Profit Confidential turned bullish on stocks in March of 2009 and rode the bear market rally from a Dow Jones Industrial Average of 6,440 on March 9, 2009, to 12,876 on May 2, 2011, a gain of 99%.
To see the full article and to learn more about Profit Confidential, visit http://www.profitconfidential.com.
Profit Confidential is Lombardi Publishing Corporation’s free daily investment e-letter. Written by financial gurus with over 100 years of combined investing experience, Profit Confidential analyzes and comments on the actions of the stock market, precious metals, interest rates, real estate, and the economy. Lombardi Publishing Corporation, founded in 1986, now with over one million customers in 141 countries, is one of the largest consumer information publishers in the world. For more on Lombardi, and to get the popular Profit Confidential e-letter sent to you daily, visit http://www.profitconfidential.com.
Michael Lombardi, MBA, the lead Profit Confidential editorial contributor, has just released his most recent update of Critical Warning Number Six, a breakthrough video with Lombardi’s current predictions for the U.S. economy, stock market, U.S. dollar, euro, interest rates and inflation. To see the video, visit http://www.profitconfidential.com/critical-warning-number-six.