Gold Fades From Investment Picture - WSJ.com
"this year the tide has turned. Because of slowing economic growth and investors' increasing preference for assets in the developed world, these emerging-market central banks have been using cash reserves to stem economic turmoil and support their currencies. That leaves fewer dollars available to buy gold.
Central banks are on track to cut back their gold-buying by 34% in 2013, according to forecasts by metals consulting firm Thomson Reuters GFMS. The retrenchment follows two consecutive years of rising purchases, according to the IMF.Russia sold 12,000 ounces of gold in September, the first such sale in a year, according to IMF data.This year's decline in gold prices has prompted cautious central banks to stick to the sidelines unti...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.