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August 9 (King World News) - By Bill Haynes President of CMI Gold & Silver, Inc.

Proof That The Bullion Banks Are Buying All Of The Physical Gold They Can Get Their Hands On’s August 7th interview with Stephen Leeb discussed the strong demand for gold in China, which ran contrary to what the mainstream had been reporting.  Leeb said that this year China is set to import some 1,200 tons of physical gold.  But China is not the only Asian country where the demand for gold is strong....

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Most physical gold sold in Asia carries premiums, especially in India, and bullion banks are moving to fill that void in order to capture those lucrative premiums.

They are doing so by procuring physical gold in the U.S., not only from the COMEX warehouses and ETF liquidations, but directly from refiners.  The gold is then converted into forms which Asians are comfortable with -- mainly kilo bars, and then the gold is shipped to Asia.

Several weeks ago I exchanged emails with a rep for a major precious metals refiner about the huge ETF liquidations and speculated that the liquidated gold was in fact going to Asia.  After all, the gold coming out of the ETFs and the COMEX warehouses has to go somewhere.

The rep said that my speculation fit well with what his refinery was seeing.  He said, “I think you are absolutely right given the level of large institutional demand we see for our kilo bars and 400 ounce bars that are going to New York and London.”  New York and London are the off-loading sites for gold being shipped to Asia.

In another email, he said, “The bullion banks were buying as much metal from our company as they could get their hands on, just to ship to Hong Kong and Singapore.”  So this is just further evidence that ETF and COMEX gold is going to Asia.

Since their introduction a few years ago, the Royal Canadian Mint’s 100-oz .9999 silver bars have become immensely popular with silver bullion investors (see below).

Their popularity runs neck and neck with long-time industry favorites, the Johnson Matthey 100-oz .999 silver bars.  However, the RCM has stopped shipping their 100-oz silver bars.

We’re told that the RCM is now using the facilities, which are normally reserved to melt silver for its 100-oz bars, to melt ETF gold for fabrication into kilo bars and subsequent shipment to Asia.

As everyone knows, Asia, not just China, has grown tremendously wealthy since WWII, and Asians have an affinity for gold not felt anywhere else in the world, except maybe the Middle-East.  The gold being shipped to Asia is now in very strong hands and will not come back any time soon.  Actually, acknowledgement of a shortage of physical gold, which is so often discussed on, is the reality of what the world is now witnessing.”

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