gold_as_an_investment

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Gold as an investmentFrom Wikipedia, the free encyclopedia

Of all the precious metals, gold is the most popular as an

investment.[1] Investors generally buy gold as a hedge or safehaven against any economic, political, social, or fiat currencycrises (including investment market declines, burgeoningnational debt, currency failure, inflation, war and socialunrest). The gold market is also subject to speculation asother commodities are, especially through the use of futurescontracts and derivatives. The history of the gold standard,the role of gold reserves in central banking, gold's lowcorrelation with other commodity prices, and its pricing inrelation to fiat currencies during the financial crisis of 2007

2010, suggest that gold has features of being money.[2][3]

Gold price

Gold has been used throughout history as money and has been a relative standard for currency

equivalents specific to economic regions or countries. Many European countries implemented goldstandards in the later part of the 19th century until these were dismantled in the financial crisesinvolving World War I. After World War II, the Bretton Woods system pegged the United Statesdollar to gold at a rate of US$35 per troy ounce. The system existed until the 1971 Nixon Shock,

Reserves of SDR, forex and gold in

2006

A Good Delivery bar, the standard for

trade in the major international gold

markets.

Contents 1 Gold price 2 Factors influencing the gold price

2.1 Central banks 2.2 Hedge against financial stress 2.3 Jewellery and industrial demand 2.4 Short selling 2.5 War, invasion and national emergency

3 Investment vehicles 3.1 Bars 3.2 Coins 3.3 Exchange-traded products (ETPs) 3.4 Certificates 3.5 Accounts 3.6 Derivatives, CFDs and spread betting 3.7 Mining companies

4 Investment strategies 4.1 Fundamental analysis 4.2 Gold versus stocks 4.3 Technical analysis

4.4 Using leverage 5 Taxation 6 Scams and frauds 7 See also 8 References 9 External links

2010 copyright reserved Infineum Enterprise


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when the US unilaterally suspended the direct convertibility of the United States dollar to gold andmade the transition to a fiat currency system. The last currency to be divorced from gold was theSwiss Franc in 2000.

Since 1919 the most common benchmark for the price of gold has been the London gold fixing, atwice-daily telephone meeting of representatives from five bullion-trading firms of the Londonbullion market. Furthermore, gold is traded continuously throughout the world based on the intra-day

spot price, derived from over-the-counter gold-trading markets around the world (code "XAU"). Thefollowing table sets forth the gold price versus various assets and key statistics:

In March 2008, the gold price exceeded US$1,000,[9] achieving a nominal high of US$1,004.38. Inreal terms, actual value was still well below the US$599 peak in 1981 (equivalent to $1417 in U.S.2008 dollar value). After the March 2008 spike, gold prices declined to a low of US$712.30 perounce in November. Pricing soon resumed on upward momentum by temporarily breaking theUS$1000 barrier again in late February 2009 but regressed moderately later in the quarter.

Later in 2009, the March 2008 intra-day spot price record of US$1,033.90 was broken several timesin October, as the price of gold entered parabolic stages of successively new highs when a spikereversal to $1226 initiated a retrace of the price to the mid-October levels.

On November 9, 2010, gold closed at a new nominal high of $1421.00 in NYMEX. [10]

Factors influencing the gold price

Today, like most commodities, the price of gold is driven by supply and demand as well asspeculation. However unlike most other commodities, saving and disposal plays a larger role inaffecting its price than its consumption. Most of the gold ever mined still exists in accessible form,

such as bullion and mass-produced jewelry, with little value over its fine weight and is thuspotentially able to come back onto the gold market for the right price.[11][12] At the end of 2006, it

was estimated that all the gold ever mined totalled 158,000 tonnes (156,000 LT; 174,000 ST).[13]

Year

GoldUSD/ozt

[4]

DJIA

USD[5]

WorldGDP

USD tn[6]

US Debt

USD bn[7]

TradeWeightedUS dollar

Index[8]

1970 37 839 3.3 370

1975 140 852 6.4 533 33.0

1980 590 964 11.8 908 35.71985 327 1,547 13.0 1,823 68.2

1990 391 2,634 22.2 3,233 73.2

1995 387 5,117 29.8 4,974 90.3

2000 273 10,787 31.9 5,662 118.6

2005 513 10,718 45.1 8,170 111.6

2010 1,410 11,578 ... 14,025 99.9

1970 to 2010 net change, %

3,792 1,280 ... 3,691 ...1975 (post US off gold standard) to 2010 net change, %

929 1,259 ... 2,531 ...



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This can be represented by a cube with an edge length of 20.2 metres (66 ft).

Given the huge quantity of gold stored above-ground compared to the annual production, the price of

gold is mainly affected by changes in sentiment, rather than changes in annual production. [14]According to the World Gold Council, annual mine production of gold over the last few years has

been close to 2,500 tonnes.[15] About 2,000 tonnes goes into jewellery or industrial/dental

production, and around 500 tonnes goes to retail investors and exchange traded gold funds.[15]

Central banks

Central banks and the International Monetary Fund play an important role in the gold price. At theend of 2004 central banks and official organizations held 19 percent of all above-ground gold as

official gold reserves.[16] The ten year Washington Agreement on Gold (WAG), which dates fromSeptember 1999, limits gold sales by its members (Europe, United States, Japan, Australia, Bank for

International Settlements and the International Monetary Fund) to less than 500 tonnes a year. [17]European central banks, such as the Bank of England and Swiss National Bank, were key sellers of

gold over this period.[18]

In 2009, this agreement was extended for a further five years, but with asmaller annual sales limit of 400 tonnes.[19]

Although central banks do not generally announce gold purchases in advance, some, such as Russia,

have expressed interest in growing their gold reserves again as of late 2005. [20] In early 2006, China,

which only holds 1.3% of its reserves in gold,[21] announced that it was looking for ways to improvethe returns on its official reserves. Some bulls hope that this signals that China might reposition moreof its holdings into gold in line with other Central Banks. India has recently purchased over 200 tons

of gold which has led to a surge in prices.[22]

Hedge against financial stress

Gold, like all precious metals, may be used as a hedge against inflation, deflation or currencydevaluation. As Joe Foster, portfolio manager of the New York-based Van Eck International GoldFund, explained in September 2010:

The currencies of all the major countries, including ours, are under severe pressurebecause of massive government deficits. The more money that is pumped into theseeconomies the printing of money basically then the less valuable the currencies

become.[23]

If the return on bonds, equities and real estate is not adequately compensating for risk and inflationthen the demand for gold and other alternative investments such as commodities increases. Anexample of this is the period of stagflation that occurred during the 1970s and which led to an

economic bubble forming in precious metals.[24][25]

Jewellery and industrial demand

Jewellery consistently accounts for over two-thirds of annual gold demand. India is the largestconsumer in volume terms, accounting for 27% of demand in 2009, followed by China and the USA.[26]

Industrial, dentistry and medical uses account for around 12% of gold demand. Gold has highthermal and electrical conductivity properties, along with a high resistance to corrosion and bacterialcolonization. Jewellery and industrial demand has fluctuated over the past few years due to the



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steady expansion in emerging markets of middle classes aspiring to Western lifestyles, offset by the

financial crisis of 20072010.[27]

Short selling

The price of gold is also affected by various well-documented mechanisms of artificial price

suppression, arising from fractional-reserve banking and naked short selling in gold, and particularlyinvolving the London Bullion Market Association, the United States Federal Reserve System, and

the banks HSBC and JPMorgan Chase.[28][29][30][31] Gold market observers have noted for many

years that the price of gold tends to fall artificially at the start of New York trading.[32]

War, invasion and national emergency

When dollars were fully convertible into gold via the gold standard, both were regarded as money.However, most people preferred to carry around paper banknotes rather than the somewhat heavierand less divisible gold coins. If people feared their bank would fail, a bank run might result. Thishappened in the USA during the Great Depression of the 1930s, leading President Roosevelt toimpose a national emergency and issue Executive Order 6102 outlawing the ownership of gold by

US citizens.[33] There was only one prosecution under the order, and in that case the order was ruledinvalid by federal judge John M. Woolsey, on the technical grounds that the order was signed by the

President, not the Secretary of the Treasury as required.[34]

In times of war, people fear that their assets may be seized and that the currency may becomeworthless. They see gold as a solid asset which will always buy food or transportation. Thus in times

of great uncertainty, particularly when war is feared, the demand for gold rises.[35][36]

Investment vehicles

Bars

The most traditional way of investing in gold is by buyingbullion gold bars. In some countries, like Argentina, Austria,Liechtenstein and Switzerland, these can easily be bought orsold at the major banks. Alternatively, there are bulliondealers that provide the same service. Bars are available invarious sizes. For example in Europe, Good Delivery bars are

approximately 400 troy ounces (12 kg).[37] 1 kilogram (32

ozt) are also popular, although many other weights exist, suchas the 10oz, 1oz, 10 g, 100 g, 1 kg, 1 Tael, and 1 Tola.

Bars generally carry lower price premiums than gold bullioncoins. However larger bars carry an increased risk of forgerydue to their less stringent parameters for appearance. Whilebullion coins can be easily weighed and measured againstknown values, most bars cannot, and gold buyers often have bars re-assayed. Larger bars also have agreater volume in which to create a partial forgery using a tungsten-filled cavity, which may not be

revealed by an assay.[38]

Efforts to combat gold bar counterfeiting include kinebars which employ a unique holographictechnology and are manufactured by the Argor-Heraeus refinery in Switzerland.

Coins

1 troy ounce (31 g) gold bar with

certificate



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Gold coins are a common way of owning gold. Bullion coins are priced according to their fineweight, plus a small premium based on supply and demand (as opposed to numismatic gold coinswhich are priced mainly by supply and demand based on rarity and condition).

The Krugerrand is the most widely-held gold bullion coin, with 46,000,000 troy ounces (1,400tonnes) in circulation. Other common gold bullion coins include the Australian Gold Nugget

(Kangaroo), Austrian Philharmoniker (Philharmonic), Austrian 100 Corona, Canadian Gold MapleLeaf, Chinese Gold Panda, Malaysian Kijang Emas, French Coq dOr (Golden Rooster), MexicanGold 50 Peso, British Sovereign, and American Gold Eagle.

Coins may be purchased from a variety of dealers both large and small. Fake gold coins are notuncommon, and are usually made of gold-plated lead.

Exchange-traded products (ETPs)

Gold exchange-traded products may include ETFs, ETNs, and CEFs which are traded like shares onthe major stock exchanges. The first gold ETF, Gold Bullion Securities (ticker symbol "GOLD"),

was launched in March 2003 on the Australian Stock Exchange, and originally represented exactly0.1 troy ounces (3.1 g) of gold. As of November 2010, SPDR Gold Shares is the second-largest

exchange-traded fund (ETF) in the world by market capitalization.[39]

Gold ETPs represent an easy way to gain exposure to the gold price, without the inconvenience ofstoring physical bars. However exchange-traded gold instruments, even those which hold physicalgold for the benefit of the investor, carry risks beyond those inherent in the precious metal itself. Forexample the most popular gold ETP (GLD) has been widely criticized, and even compared with

mortgage-backed securities, due to features of its complex structure.[28][40][41][42][43]

Typically a small commission is charged for trading in gold ETPs and a small annual storage fee is

charged. The annual expenses of the fund such as storage, insurance, and management fees arecharged by selling a small amount of gold represented by each certificate, so the amount of gold ineach certificate will gradually decline over time.

Exchange-traded funds, or ETFs, are investment companies that are legally classified as open-endcompanies or Unit Investment Trusts (UITs), but that differ from traditional open-end companies and

UITs.[44] The main differences are that ETFs do not sell directly to investors and they issue theirshares in what are called "Creation Units" (large blocks such as blocks of 50,000 shares). Also, theCreation Units may not be purchased with cash but a basket of securities that mirrors the ETF'sportfolio. Usually, the Creation Units are split up and re-sold on a secondary market.

ETF shares can be sold in basically two ways. The investors can sell the individual shares to otherinvestors, or they can sell the Creation Units back to the ETF. In addition, ETFs generally redeemCreation Units by giving investors the securities that comprise the portfolio instead of cash. Becauseof the limited redeemability of ETF shares, ETFs are not considered to be and may not call

themselves mutual funds.[44]

Certificates

Gold certificates allow gold investors to avoid the risks and costs associated with the transfer andstorage of physical bullion (such as theft, large bid-offer spread, and metallurgical assay costs) bytaking on a different set of risks and costs associated with the certificate itself (such as commissions,storage fees, and various types of credit risk).

Banks may issue gold certificates for gold which is allocated(non-fungible) or unallocated(fungible



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or pooled). Unallocated gold certificates are a form of fractional reserve banking and do not

guarantee an equal exchange for metal in the event of a run on the issuing bank's gold on deposit.[45]

Allocated gold certificates should be correlated with specific numbered bars, although it is difficult

to determine whether a bank is improperly allocating a single bar to more than one party.[46]

The first paper bank notes were gold certificates. They were first issued in the 17th century when

they were used by goldsmiths in England and The Netherlands for customers who kept deposits ofgold bullion in their vault for safe-keeping. Two centuries later, the gold certificates began beingissued in the United States when the US Treasury issued such certificates that could be exchangedfor gold. The United States Government first authorized the use of the gold certificates in 1863. Inthe early 1930s the US Government restricted the private gold ownership in the United States andtherefore, the gold certificates stopped circulating as money. Nowadays, gold certificates are stillissued by gold pool programs in Australia and the United States, as well as by banks in Germany andSwitzerland.

Accounts

Many types of gold "accounts" are available. Different accounts impose varying types ofintermediation between the client and their gold. One of the most important differences betweenaccounts is whether the gold is held on an allocated (non-fungible) or unallocated (fungible) basis.Another major difference is the strength of the account holder's claim on the gold, in the event thatthe account administrator faces gold-denominated liabilities (due to a short or naked short position ingold for example), asset forfeiture, or bankruptcy.

Many banks offer gold accounts where gold can be instantly bought or sold just like any foreigncurrency on a fractional reserve (non-allocated, fungible) basis. Swiss banks offer similar service onan allocated (non-fungible) basis. Pool accounts, such as those offered by Kitco, facilitate highlyliquid but unallocated claims on gold owned by the company. Digital gold currency systems operate

like pool accounts and additionally allow the direct transfer of fungible gold between members of theservice. BullionVault and Anglo Far-East allow clients to create a bailment on allocated (non-fungible) gold, which becomes the legal property of the buyer.

Derivatives, CFDs and spread betting

Derivatives, such as gold forwards, futures and options, currently trade on various exchanges aroundthe world and over-the-counter (OTC) directly in the private market. In the U.S., gold futures areprimarily traded on the New York Commodities Exchange (COMEX) and Euronext.liffe. In India,gold futures are traded on the National Commodity and Derivatives Exchange (NCDEX) and Multi

Commodity Exchange (MCX).[47]

As of 2009, holders of COMEX gold futures have experienced problems taking delivery of theirmetal. Along with chronic delivery delays, some investors have received delivery of bars notmatching their contract in serial number and weight. The delays cannot be easily explained by slowwarehouse movements, as the daily reports of these movements show little activity. Because of theseproblems, there are concerns that COMEX may not have the gold inventory to back its existing

warehouse receipts.[48]

Firms such as Cantor Index, CMC Markets, IG Index and City Index, all from the UK, providecontract for difference (CFD) or spread bets on the price of gold.

Mining companies

These do not represent gold at all, but rather are shares in gold mining companies. If the gold price



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rises, the profits of the gold mining company could be expected to rise and as a result the share pricemay rise. However, there are many factors to take into account and it is not always the case that ashare price will rise when the gold price increases. Mines are commercial enterprises and subject toproblems such as flooding, subsidence and structural failure, as well as mismanagement, theft andcorruption. Such factors can lower the share prices of mining companies.

The price of gold bullion is volatile, but unhedged gold shares and funds are regarded as even higher

risk and even more volatile. This additional volatility is due to the inherent leverage in the miningsector. For example, if you own a share in a gold mine where the costs of production are $300 perounce and the price of gold is $600, the mine's profit margin will be $300. A 10% increase in thegold price to $660 per ounce will push that margin up to $360, which represents a 20% increase inthe mine's profitability, and potentially a 20% increase in the share price. Furthermore, at higherprices, more ounces of gold become economically viable to mines, enabling companies to add totheir reserves. Conversely, share movements also amplify falls in the gold price. For example, a 10%fall in the gold price to $540 will decrease that margin to $240, which represents a 20% fall in themine's profitability, and potentially a 20% decrease in the share price.

To reduce this volatility, some gold mining companies hedge the gold price up to 18 months in

advance. This provides the mining company and investors with less exposure to short term gold pricefluctuations, but reduces returns when the gold price is rising.

Investment strategies

Fundamental analysis

Investors using fundamental analysis analyze the macroeconomic situation, which includesinternational economic indicators, such as GDP growth rates, inflation, interest rates, productivityand energy prices. They would also analyze the yearly global gold supply versus demand. Over 2005

the World Gold Council estimated yearly global gold supply to be 3,859 tonnes and demand to be3,754 tonnes, giving a surplus of 105 tonnes.[49] While gold production is unlikely to change in thenear future, supply and demand due to private ownership is highly liquid and subject to rapid

changes. This makes gold very different from almost every other commodity.[11][12] Identifiableinvestment demand for gold, which includes gold exchange-traded funds, bars and coins, was up 64

percent in 2008 over the year before.[50]

Gold versus stocks

In the last century, major economic crises (suchas the Great Depression, World War II, the firstand second oil crisis) lowered the Dow/goldratio, an indicator of how bad a recession is andwhether the outlook is deteriorating orimproving, to a value well below 4. The ratio fell

on February 18, 2009 to below 8.[50] Duringthese difficult times, many investors tried topreserve their assets by investing in preciousmetals, most notably gold and silver.

The performance of gold bullion is oftencompared to stocks due to their fundamentaldifferences. Gold is regarded by some as a storeof value (without growth) whereas stocks areregarded as a return on value (i.e., growth from

Dow/Gold Ratio 1968-2008



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USA: Due to section 9006 of the U.S. Patient Protection and Affordable Care Act, starting onJanuary 1, 2012, IRS tax form 1099 will be required for all purchases of goods and services thatexceed $600 per calendar year. This new reporting requirement will cover precious metals. Withgold at $1200 per ounce, this would make it impossible to sell a typical one-ounce bullion coinwithout IRS paperwork. As of July 2010 the bullion industry is fighting the regulation, andCalifornia Representative Dan Lungren has introduced legislation to have the relevant section of the

Act reversed.[57]

Scams and frauds

Gold attracts its fair share of fraudulent activity. Some of the most common to be aware of are:

High-yield investment programs - HYIPs are usually just pyramid schemes dressed up with noreal value underneath. Using gold in their prospectus makes them seem more solid andtrustworthy.

Advance fee fraud - Various emails circulate on the Internet for buyers or sellers of up to

10,000 metric tonnes of gold. This is more gold than the US Federal Reserve owns. Oftennaive middlemen are drafted in as hopeful brokers, and usually mention mythical terms like'Swiss Procedure' or 'FCO' (Full Corporate Offer). The end-game of these scams is unknown,but they probably just attempt to extract a small 'validation' sum out of the innocent

buyer/seller from their hope of getting the big deal.[58]

Gold dust sellers - This scam persuades an investor there is real gold with a trial quantity, theneventually delivers brass filings or similar.

Counterfeit gold coins.

Shares in fraudulent mining companies with no gold reserves, or potential of finding gold, [59]as per the American saying, attributed to Mark Twain but unsourced, that "A gold mine is a

hole in the ground with a liar on top."[60]

Cash for gold - With the rise in the value of gold due to the financial crisis of 2007-2010, therehas been a surge in companies that will buy personal gold in exchange for cash, or sellinvestments in gold bullion and coins. Several of these have prolific marketing plans and highvalue spokesmen, such as prior vice presidents. Many of these companies are underinvestigation for a variety of securities fraud claims, as well as laundering money for terrorist

organizations.[61][62][63][64] Also given that ownership is often not verified, many companiesare considered to be receiving stolen property, and multiple laws are under consideration on

methods to curtail this.[65][66]

See also

Full-reserve banking Gold exchange-traded product Peak gold

Rare materials as investments

Diamonds as an investment Palladium as an investment Platinum as an investment Silver as an investment

References



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http://www.gold-eagle.com/editorials_02/speck062802.html33. ^ The Roosevelt Gold Confiscation Order Of April 3 1933. The-Privateer.com34. ^ "Sequels, Nov. 27, 1933". Time. 1933-11-27.

http://www.time.com/time/magazine/article/0,9171,746366,00.html.35. ^ London Stock Exchange - Article36. ^ http://www.gold.org/pr_archive/pdf/GDT_Q3_07_pr.pdf37. ^The Good Delivery Rules for Gold and Silver Bars, LBMA, May 2010,

http://www.lbma.org.uk/docs/gdlvarious/GD%20Rules%2020100511.pdf, retrieved 21 May 201038. ^ Trace Mayer, J.D.. "Fake Tungsten Gold Found". RunToGold.com.http://www.runtogold.com/2010/03/fake-tungsten-gold-found/.

39. ^ "Largest ETFs: Top 25 ETFs By Market Cap". ETFdb. http://etfdb.com/compare/market-cap/.Retrieved 2010-11-03.

40. ^ Bob Landis (2007), "Musings on the Realms of GLD", The Golden Sextant,http://www.goldensextant.com/GLD.html

41. ^ Dave Kranzler (2009-02-12), "Owning GLD Can Be Hazardous to Your Wealth", Rapid Trends,http://www.rapidtrends.com/2009/02/13/owning-gld-can-be-hazardous-to-your-wealth/

42. ^ RunToGold.com (2009-02-19), "Is the GLD ETF Really Worth Its Metal?", Seeking Alpha,http://seekingalpha.com/article/121456-is-the-gld-etf-really-worth-its-metal

43. ^ Jeff Nielson (2010-07-06), "The Seven Sins of GLD", Bullion Bulls Canada,http://www.bullionbullscanada.com/index.php?option=com_content&view=article&id=13341:the-seven-

sins-of-gld&catid=48:gold-commentary&Itemid=13144. ^ ab "Exchange-Traded Funds (ETFs)". http://www.sec.gov/answers/etf.htm. Retrieved 2010-05-05.

45. ^ "Gold Certificate". BullionVault. http://gold.bullionvault.com/How/GoldCertificate.46. ^ "Interview: Harvey Organ, Lenny Organ, Adrian Douglas". King World News. 2010-04-07.

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/4/7_Andrew_Maguire_%26_Adrian_Douglas.html.

47. ^ http://www.ncdex.com/products/products_precious_gold100gms.aspx?Type=Gen48. ^ Nathan Lewis (26 June 2009), "Where's the gold?", The Huffington Post,

http://www.huffingtonpost.com/nathan-lewis/wheres-the-gold_b_216896.html49. ^ "Supply and demand statistics > World Gold Council, gold market research, reserve asset and

investment statistics". Gold.org. http://www.gold.org/value/stats/statistics/gold_demand/index.html.Retrieved 2010-03-16.

50. ^ ab "COMMODITIES-Oil, metals fall on inflation, fear; gold up | Markets | Reuters". Uk.reuters.com.2009-02-18. http://uk.reuters.com/article/oilRpt/idUKLI45711020090218. Retrieved 2010-03-16.

51. ^ Investments (7th Ed) by Bodie, Kane and Marcus, P.570-57152. ^ Aristotle, Rick (2005-11-30). "Google or Gold?". Fool.com. http://www.fool.com/investing/high-

growth/2005/11/30/google-or-gold.aspx?source=mppromo. Retrieved 2010-03-16.53. ^ Simon Constable (2007-11-12). "Google Vs. Gold". Us.rd.yahoo.com.

http://us.rd.yahoo.com/finance/external/video/ts/SIG=125nv35km/*http://www.thestreet.com/_yahoo/video/strategysession/10389569.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA. Retrieved 2010-03-16.

54. ^ "Gold, oil reach highs amid U.S. recession fears". Edition.cnn.com. 2008-03-13.http://edition.cnn.com/2008/BUSINESS/03/13/world.markets/index.html. Retrieved 2010-03-16.

55. ^ Askar Akayev, Alexey Fomin, Sergey Tsirel, and Andrey Korotayev. Log-Periodic Oscillation

Analysis Forecasts the Burst of the Gold Bubble in April June 2011 // Structure and Dynamics 4/3(2010): 1-11. For a more technically sophisticated (but less easily understandable for a general audience)treatment of this subject see Log-Periodic Oscillation Analysis and Possible Burst of the "Gold Bubble"in April - June 2011 by Sergey Tsirel, Askar Akayev, Alexey Fomin, and Andrey Korotayev.

56. ^ Knepp, Tim (2010-01-01). "Gold taxes". Onwallstreet.com.http://www.onwallstreet.com/ows_issues/2010_1/many-ways-to-gain-exposure-to-gold-2665039-1.html.Retrieved 2010-03-16.

57. ^ Rich Blake (2010-07-21). "Gold Coin Sellers Angered by New Tax Law".http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611.

58. ^ Article on Scam Baiting59. ^ [1]60. ^ mine quote at Wikiquote61. ^ [2]62. ^ [3]63. ^ [4]64. ^ [5]



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65. ^ [6]66. ^ [7]

External links

GoldPrice.org (quick current price)

The History of Gold by Goldcore.com

(Gold) kinebars (detailed information on kinebars & gold) Gold as an investment at the Open Directory Project

Retrieved from "http://en.wikipedia.org/wiki/Gold_as_an_investment"Categories: Gold investments | Investment | Commodities used as an investment | Security

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