Brendan Keenan: Politicians still bickering as euro crisis enters final stage
Published 18/11/2011 | 05:00
Uh-oh. Central banks are buying gold. After 20 years of selling off their stocks of bullion, the guardians of national currencies bought 148 tonnes of the stuff in late summer.
That was the biggest gold spree since 1988. All we know is that most of the buying was from emerging economies. We can, however, guess that they wanted to have less of their reserves in euro, or even dollars.
The sense that the global economy has reached some kind of turning point grows by the day. There have been so many turning points that it is easy to lose track -- or lose interest. But the past 10 days will go down in financial history.