Some countries have realized this and started selling their stocks of gold, especially Canada, Australia and the Netherlands. The formative European Central Bank has said it won't use gold as a key reserve to peg to the Euro. The current depression in the price of gold is good for the planet. We have to keep it there. Gold fell to a 19-year low on concerns Russia may sell gold from its reserves, dumping even more on the market at a time when the metal has lost its appeal as a safe investment.
Gold is no longer the asset investors hoard when other assets tumble.
In the middle of global financial turmoil kicked off by Russia this week, the precious metal is down almost 4 percent since Monday. Gold is down 35 percent since then because other financial assets, such as bonds, offer better returns when the pace of consumer price increases is slow. Central banks have shed gold reserves and economic turmoil in Asia hurt demand for jewelry. One of the groups working with this is Project Underground from Berkeley. The white warriors went across in their long dugouts.