Publisher: Kanyin Publications
Weight: 420 g
In May 2013, Ben Bernanke, Chairman of the US Federal Reserve, announced the possibility that the US would taper its QE 3 financial plans, slowing its bond-buying programme from US$ 85 billion per month to US$ 65 billion per month. This announcement alone threatened the sovereignty of currencies in major economies across Southeast Asia.
By January 2014, the Ringgit had fallen by 13.0% against the US dollar. The baht dropped 15.6% while the rupiah lost 25.7% against the greenback, making these among the worst performing Asian currencies of 2013.
Sensing a currency crisis, millions began investing in gold and silver as precious metals are solid financial assets in times of uncertainty. Instead of shunning away from gold, Asian investors viewed the fall in gold prices as the golden opportunity for entering the gold market.
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