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Impact of globalization on the gold market Marino G. Pieterse publisher Gold letter International MENA MINING Congress Manama, Bahrain October 26 - 29, 2009 Measuring the New Gold Bull Market Gold does not run its own course as a safe haven Demonetization of gold

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slide1

Impact of globalization on the gold market

Marino G. Pieterse

publisher Goldletter International

MENA MINING Congress

Manama, Bahrain

October 26 - 29, 2009

slide10

Demonetization of gold

■ Story of modern gold market begins with free float of gold in March 1968 central banks give up trying to defend a fixed gold price at $ 35 per ounce■ US Treasury closes “gold window” in April 1971 gold holdings of Europe central banks frozen■ IMF alters articles in 1978 to suspend gold as an ultimate means of settlement■ Central Bank Gold Agreements:first agreement (September 1999 – 2004) : sale quota of 400 tonnes per year, with anabsolute limit of 2,000 tonnes over the whole 5-year periodsecond agreement (September 2004 – 2009) - sale quota of 500 tonnes per year with an overall total of 2,500 tonnes over the whole 5-year periodthird agreement (September 2009 – 2014) – sale of 400 tonnes per year with an overall totalof 2,000 tonnes over the whole 5-year period (including IMF sale of 403 tonnes)■AsianCentral Banks don’t consider gold as a monetary instrument(as per July 2009)Gold holdings : 15 signatories + US: 19,983 tonnes 76%Major Asian countries 2,742 tonnes 10%Others 3,572 tonnes14% 26,297 tonnes 100%

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Related to currency basket of the US dollar index

(57.6% in euro’s, 13.6% in Japanese yen, 11.9%

in British pounds, 9.1% in Canadian dollars, 4.2%

in Swedish crones and 3.6% in Swiss francs).

Since the index went up in 1995 from a long term

resistance level of 80 to a high of 120 in 2001, at

the time the euro was introduced, it dropped to a

low of 72 in March 2008, but has been followed by

a strong upward correction to $ 87 well above the

historic resistance level, before showing a new

correction to a current level of 77.

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P.O.Box 76988

1070 KG Amsterdam

the Netherlands

Telephone 0031 20 470 0249

Fax number 0031 20 675 1354

www.goldletterint.com

info@goldletterint.com