Countries have competed for gold since the modern Olympic games began in Athens during the Summer of 1896. The race for gold became so intense the governing committee allowed professional athletes into the competition in 1986.
Today's race for physical gold has China in the lead. According to Frank Holmes, the CEO of US Global Investments, due to the shaky Chinese stock market, the Chinese people have consumed 90% of the total annual global output of gold. 180 tonnes from imported from Switzerland marks an 86% increase since December 2014. India, the Middle East, and other Asian markets have upped their gold by 21%.
Now with Deutsche Bank set to make what happened in 2008 to Lehman Brothers look like child's play, expect the Germans to step up their game for gold. Even without German participation forecasters agree this level of demand could drive the price of gold to $1400 an ounce. Gold now sits at $1200.
Race ya to some gold. What do you say?
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