2013 February 21

2012 Outlook for Gold – Positive Fundamentals Remain and Crucial Diversification

• Introduction – Gold in 2011 • Money Creating Central Banks May Push Gold to New Nominal Record in 2012 • Central Banks Will Continue To Be Net Buyers of Gold • China Foreign Exchange Diversification Should Support Demand • PIIGS Lesson: Iceland Shows How Gold Protects From FX Crises

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