MacroVoices #378 Ronnie Stoeferle: In Gold We Trust - Showdown
Macro Voices
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The Trend in Consumer Demand
The only Western nation where consumer demand really picked up significantly is Germany. And that's probably because for the Germans, but also for us Austrians, we've got the hyperinflation in our monetary DNA. So you often get like little gold coins as a gift for your birthday and for Christmas and so on. We're seeing it in 2008, 2009, we saw a big pivot when up until then, Western central banks were selling gold.
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