Osama Bin Laden was more than keen on gold

Al-Qaeda Chief Osama bin Laden had an, until now, unknown passion— he was an avid gold investor and predicted the price spike of 2010-2011, documents revealed.

In 2010, Bin Laden wrote a letter to Al Qaeda’s management instructing them to set aside about $1.7 million to buy gold bars and coins, the New York Times reported.

In the document, declassified last month by the Central Intelligence Agency (CIA), he said gold prices would rise in the coming years. “If need arises sell foreign currency first. Leave gold till the very end,” he wrote.

He even thought that the precious metal could hit $3,000 an ounce.

And he didn’t stop there. Bin Laden even forecast that the precious metal, which was trading at $1,390 an ounce at the time, could hit $3,000 an ounce.

His price outlook proved wrong. Gold prices did climb, but only to $1,900 per ounce.

As per today, prices for the yellow metal are slightly weaker due to a recovery in equities and the dollar, which prompted some profit-taking after Tuesday's rally.

Spot gold was last down1% to $1,218.86 an ounce, with U.S. gold futures for June delivery down $9 an ounce at $1,220.60.

Read Bin Laden’s translated letter sent to Al Qaeda’s general manager, Atiyah Abd al-Rahman:

Download (PDF, 31KB)