by Peter Schiff, Schiff Gold:
The world’s rich are hoarding gold – this according to data buried in a recent Goldman Sachs note to clients.
In the note published over the weekend, Goldman recommended diversifying long-term bond holdings with gold, citing “fear-driven demand” for the yellow metal.
Hedge funds and other large speculators boosted their bullish bets on gold by 8.9% through the week ended Dec. 3, according to government data released last Friday. That represents the biggest gain since the end of September.