15 June 2006

Gold Investors Bet on Price Recovery

Bloomberg.com: Canada: "June 15 (Bloomberg) -- Gold investors, undeterred by the metal's 22 percent drop in a month, increased their holdings of bullion-backed securities in the past two weeks, indicating they expect prices to rebound.
Exchange Traded Gold, which manages gold-backed securities, had 452 metric tons of gold under management as of yesterday, compared with 443 tons on June 1, Simon Village, principal of the London-based company said in an interview. Its gold-backed securities trade on exchanges in the U.S., the U.K., Australia, France and South Africa.
``If they were going to bolt, they'd have done it at a higher level, when it started to fall,'' Village said in the interview from London. ``Gold's got a second wind coming.'' "

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