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Pierre Lassonde continues:

“If you look at China, they are saying this year that China will grow about 7%.  The gold market will grow at twice that rate, at about 14% or 15% per year.  Last year it grew at 20%.  In India, it’s about the same relationship.  We expect the growth to be slower, but they are working off a 1,000 ton a year market already, so it’s a big impact whether it’s a 5% increase or not.  It’s huge.

We continue to see very good demand from central banks....

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“Central banks last year took off about 340 tons.  I suspect we will see about the same this year.  That’s a significant turnaround from a few years ago, where they were selling 400 to 500 tons per year.  Now they are buying 350 tons a year.

So those are the two biggest factors in the gold market.  In Europe we are seeing a lot of private individuals buying gold and just storing it in Switzerland.  (Buyers are from) Germany, Greece, Spain, etc..  People don’t know where to put their money.

They don’t trust the euro system -- they think the wheels might come off.  They are buying physical gold.  They are not buying equities.  They are buying real estate and they are buying gold.”

When asked about Swiss gold refiners working ‘round the clock’ because of massive demand, Lassonde responded, “That is correct.  They are probably about 90 days booked for kilo bars.  The minute they are done (the gold bars), they are shipped out and they go to China or whatever.  So, yes, they are running at full capacity.”

Lassonde had this to say about the mining shares:  “I think the disconnect between the commodity price (for gold) and the equity price (for shares) can only last so long.  I still believe because of the printing of money that gold will go up.

You have values in the market today that we haven’t seen since the terrible bear market of 2008.  That’s what you are seeing.  But look at what happened in the rebound -- I mean there was a lot of money to be made.

Personally, I’ve put some cash into the markets over the last couple of weeks because I think it’s just too good to pass.”

This is in incredibly timely and important interview with Lassonde.  The above portions are just a small part of Lassonde had to say.  He tells King World News listeners exactly where we are in the gold market, mining shares, and what to expect going forward.  The KWN interview with legendary Pierre Lassonde is available now and you can listen to it by CLICKING HERE. 

© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

The James Dines and Peter Schiff audio interviews are available now.  And be sure to listen to this week’s incredible line-up of other KWN interviews, which include Jean-Marie Eveillard, Dr. Keith Barron, Eric Sprott, Egon von Greyerz, Rich Yamarone, John Embry and more.  You can listen to these interviews by CLICKING HERE.

Eric King

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