Global gold buying meme shows now sign of letting up – this time Syria
There was a fascinating piece in this week’s FT all about the Syrians attitude to gold amongst the chaos of a country in a seemingly perma-state of revolution. We highly recommend you read the entire article here.
The article starts talking about a young female Syrian who now spends her entire monthly salary buying gold. The FT reports she said:
“I realised gold’s value because of the crisis,” she said, adding that she is now thinking of using a $1,000 cash wedding gift to buy a gold bar. “ I advise you to buy gold to save your money: it’s very good for you.”
This has now become a very common way of viewing gold, not just in Syria but around the world. Just like we reported on massive gold buying going on in Greece last year.
Whether it’s financial turmoil, political uprisings or a mixture of the two globally, they all seem to share one thing in common – a new realization that gold is the only true store of value that can be relied on when things get tough.
Syrian gold dealers are reporting a 30 fold increase in sales. And this is sales of bullion rather than just jewelry.
But it’s not just the political instability that people in Syria seem to be worried about – it’s also economic problems. The Syrian currency (the Syrian pound) has fallen by about 40% against the dollar – the UK pound has fallen a similar amount against the dollar in the past 3 years.
The article also goes on to report that the usual fear-mongering of gold by politicians isn’t just the preserve of western governments. The economics minster no-less of Syria had this to say about the recent surge:
“Its scary to buy gold today because prices are unstable to start with.”
It would seem the politicians really are economically illiterate the world over. Gold is one thing that’s being stable it’s the crazy economic and political actions that are the things that are unstable.
Then the FT has its own go at some gold bashing:
Mr Alchaar’s remarks hint at the potential for a nasty ending for the crisis gold bugs
It seems the MSM is just purely incapable through-out this is entire 10+ year bull market to write an article on gold without throwing in some gold ol’ fear-mongering all of their own.
But it seems, just like in many countries around the world, the coordinated anti-gold propaganda isn’t fooling the people of Syria. Remember that girl we mentioned at the start of this piece? Here is her response to her economics minster:
“Gold never loses its value,” insisted Rasha, adding with a wry laugh: “It never goes down – ever.”
A sentiment that more and more people all over the world a now starting to say themselves. The global nature of this bull market in gold, with similar stories in country after country, should be all you need to know, that the after 10 years of higher prices this bull market is only really getting going.
Related posts:
- More central bank buying of gold – this time Korea
- UK PMI shows economy teetering on the edge of recession
- Global Governance and New Global Currency About to be Officially Announced at the G20?
- $1800 gold price shows solid support as gold bounces to $1850
- Obama takes the ‘evil’ speculators meme to a new level
Link to this article: : http://www.goldmadesimplenews.com/gold/global-gold-buying-meme-shows-now-sign-of-letting-up-this-time-syria-6109/
Posted by Kate Gerbich on Feb 3 2012. Filed under Analysis, Gold News, Markets.
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