Japanese Pension Fund Switches To Gold

[pmbug]

As US weak hands keep piling out of gold whether to make space for the Facebook IPO tomorrow, or just to load up on paper currencies in advance of central banks printing much more, two things have happened: China is now on its way to becoming the biggest source of gold demand, surpassing India, but more importantly as of hours ago, in a truly historic move, "Okayama Metal & Machinery has become the first Japanese pension fund to make public purchases of gold, in a sign of dwindling faith in paper currencies." Not our words: the FT's.
...

More: http://www.zerohedge.com/news/canar...se-pension-fund-switches-gold-first-time-ever

 

[benjamen]

"Initially, the fund aims to keep about 1.5 per cent of its total assets of Y40bn ($500m) in bullion-backed exchange traded funds"

They are still playing the paper markets, but it is a start.

 

[swissaustrian]

"Initially, the fund aims to keep about 1.5 per cent of its total assets of Y40bn ($500m) in bullion-backed exchange traded funds"

They are still playing the paper markets, but it is a start.

Somebody should send them a video of Kyle Basses comex inventory audit

 

[ancona]

Ummmmmmmmmmmmmm..........Ok, so they buy some paper gold and get F'ed in the butt when it comes time to collect.

NEXT!!!!!
Want security?!?!?! BUY REAL GOLD ziperdoodlez!

 

[Jetstream]

If it's paper, then it isn't gold.
Even if the paper says that it is.

 

[kjansen1969]

Japan has very intelligently reacted to the current crisis.
Greece's exit from the euro-zone is now just a matter of time. This exit can make severe impacts on the european economy's well-being and will potentially cause a free fall of Euro's exchange rates. This will be advantageous for the U.S economy as dollar will get stronger against euro but this doesn't ensure long-term prosperity of dollar as the U.S economy has a burden of $15 trillion as debts. In addition to that, many analysts are expecting a QE3 by the Fed very soon which will devalue dollar. In such dilemma, it's wiser to invest in something that is comparatively stable, gold has a long history of being a trump card for it's owners at the time of economic turmoils. It is the time that we should think on increasing our gold portfolio for future profits.