The manipulated sell off on the COMEX has led to bargain hunting and a surge in physical coin and bar buying internationally. Gold bullion inventories on the COMEX are being depleted rapidly, and certain bullion products are either out of stock or production and distribution has been suspended. The gold sell off has stoked a frenzy among coin, bar and jewelry buyers from China to India and the U.S. and Europe.
JP Morgan’s eligible gold inventories fell by more than 70% this week which suggests there may be supply issues in the larger London good delivery gold bar market also. This is important to keep an eye on next week. The death of the gold market is greatly exaggerated and gold’s long term secular bull market is set to continue due to very large and increasing physical demand for bullion internationally. [Read more...]
Mints, Refineries, Brokerages Out Of Stock – COMEX Gold Inventories Plummet
Chart(s) of the Day: US Mint Gold & Silver Sales 2008-2013
Today’s charts of the day examines US Mint gold eagle and silver eagle sales totals from 2008-2013.
Surprisingly, while ASE sales have increased the most on a percentage basis, it is US Mint gold eagle sales that are literally going parabolic.
MUST SEE US Mint Gold & Silver Eagle sales charts are below: [Read more...]
Gold Trader: “If You Put 60″ TVs On Sale For $100, They’ll Fly Off The Shelves—That’s What’s Happening In Gold”
Following last week’s panic sell-off in gold (and resultant explosion in physical buying worldwide), one of the world’s top gold traders and recent interview guest, Gary Savage, shared some powerful commentary on the psychology of these buyers.
Gary said, ”The buying frenzy we’re seeing in the gold market isn’t dumb money buying at a top. This isn’t the same thing as we saw in the real estate market in 2006 and tech in 2000. That was every Tom, Dick, Harry and Jane chasing a parabolic move expecting to get rich quick with no effort. That was people looking for a free lunch.
We don’t have those kind of conditions in the metals market at this time. On the contrary gold is making new lows, not new highs. There is no parabolic move, and there never was. In a true bubble, a market will increase 200-500% in a year and a half. Oil doubled in a year and a half. The Nasdaq tripled. Gold was barely able to pull off a 170% increase over a three year period. That isn’t even vaguely parabolic.
No sir, the buying we are seeing now is a result of prices being artificially suppressed below the natural market value.
This is not dumb money buying gold. This is smart money recognizing that gold is too cheap.
[Read more...]
Gold Sets Record High in Yen
Soros’ yen “avalanche” would appear to have begun with the yen having fallen by 9.5% against gold in 5 trading days since last Thursday leading to record nominal highs in the yen at over 0.1577 million yen per ounce this morning.
There are also reports of shortages of bullion coins and bars in Thailand and in Singapore where premiums on certain bullion coins which are legal tender and have favourable tax treatment, such as American gold and silver eagles, have risen due to tightness in the market and delays of three to four weeks for delivery. [Read more...]
Eric Sprott: Central Banks’ Gold Likely LOOONG Gone
Money manager Eric Sprott says, “The central banks’ gold is likely gone with no realistic chance of getting it back.” Don’t expect this revelation to get any coverage by the mainstream media. In an interview with Bloomberg last week, Sprott’s analysis was met with words such as “gold bug” and “conspiracy theory.” Sprott answers that sort of disrespect by saying, “We’ve had so many conspiracies, I don’t know why anyone would think this was unusual.” To back up his point, he named “LIBOR, electricity markets in California and the Madoff” scandals. Sprott’s analysis shows a “flat supply” and at least a “2,500 ton net increase in gold demand” since 2000. “Where’s all the gold coming from?” asks Sprott. He says Western central banks “. . . keep supplying this market with product in order to keep the price down so nobody knows how vulnerable the situation is.” Sprott, who manages nearly $10 billion in assets, boldly proclaims, “We have a shortage of gold.” Join Greg Hunter as he goes One-on-One with Eric Sprott of Sprott Asset Management. [Read more...]
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