Our CEO had the pleasure of dining with a senior figure in the precious metal refining industry during "gold week" in Sydney. He discussed the significant drop in gold and silver recycling this year and the significant movement of 400oz (12.5kg) gold bars from the US and UK to Switzerland to be melted and fabricated into 1kg bars, of which all were then shipped to China. More ominously he mentioned that in recent weeks the availability of 400oz bars coming from the GLD ETF to Switzerland had dried up, but the demand for 1kg gold bars was constant. He wondered aloud how if the price of gold moved upwards, causing traders to move back into the GLD where the GLD would get the 400oz gold bars to back the ETF? - as the bars that had left the GLD earlier in the year no longer physically exist.
Now onto Eric's interview with King World News. Eric discusses the massive movement of gold through Hong Kong to China, dubious scrap refining numbers and the 300% increase of Silver imports to India. Eric is pouring over the official numbers to determine the flows and my friend is actually pouring the gold - and both are in agreement. Listen to the KWN interview with Eric here
Now onto Eric's interview with King World News. Eric discusses the massive movement of gold through Hong Kong to China, dubious scrap refining numbers and the 300% increase of Silver imports to India. Eric is pouring over the official numbers to determine the flows and my friend is actually pouring the gold - and both are in agreement. Listen to the KWN interview with Eric here
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