UAE Central Bank set to enter the Gold Market
3 Comments for:
UAE Central Bank set to enter the gold market
The UAE Central Bank Governor this week gave his strongest hint yet that the emirates will shortly enter the gold market and also purchase euros as a diversification of the national currency reserves presently held in US dollars. With the US dollar ripe for devaluation this seems a timely initiative.
The Governor of the UAE Central Bank, Sultan bin Nasser Al Suwaidi told reporters this week that the bank was preparing to convert up to 10 per cent of its currency reserves into gold, although he said that the bank currently held very little gold in its reserves.
'I don't think it is appropriate to buy gold now - it is too expensive. The appropriate time might come very soon. We could go up to 10 per cent,' he said.
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posted by GoldTrade @ 7:35 PM
3 comments
3 Comments:
that means down side is due majorly thats why UAE CB will enter later
Dear Anonymous,
Well we dont think there would be again a Major Downside.
CB will enter in 600 Price level.
Remember CB hasnt entered yet.
But all fundamentals give signal of a Bullish trend for the commodities.
And the Economic datas, have given hint for FED to tigthen too in AUGUST.
So overall, if we come to a small conlusion, it suggest. Gold/Silver and all Lighting and Off to set for the MOON soon.
CB, will just wait and wait, and maybe miss the chance, and might do so called "PANIC BUYING"
dear gold trade
thank u for your opt[to the point] opinion
regards
jain kirit
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