They work at the behest of the smart money imo
If they are buying, it might be so they can puke it all up into the mouhts of the real whales
http://www.jsmineset.com/
"Governments added 477.2 metric tons to their reserves, the second-biggest increase in 50 years and 17 percent more than a year earlier, the World Gold Council said in a report Thursday. Based on the average price of gold in 2014, central banks probably paid about $19.4 billion."
"Central banks have added to gold reserves for the past five years, a reversal from two decades of selling since the late 1980s. Purchases will be at least 400 tons this year, according to estimates from the London-based council, which represents 17 gold producers. Total demand for gold fell last year as Chinese consumers bought less jewelry, bars and coins."
"Russia was the biggest buyer of gold, while Ukraine sold the most as fighters from both countries clashed along Ukraine’s eastern border."
dougie
I should think the CB's are interested in buying the most gold for the least amount of dollars and are buying gold for good reasons. Could be a reset of gold pricing along with a new international currency? I don't know, but, as long as they continue to be buyers it maybe a good idea to be a buyer also. My charts say gold miners are still on a short term sell so they may have more downside before moving higher for a trade. I am also looking to add some AEM to my small core holding. Certainly would like to own more of that miner. Like gannman says I too believe AEM is a top tier company.
Edited by dougie, 13 February 2015 - 12:46 PM.
