Today the man who has become legendary for his predictions on QE and historic moves in currencies and metals told King World News that there is enormous strain on London Gold Pool II as Swiss refiners say gold and silver demand from India and China is strong.
London Gold Pool II
March 27 (King World News) – Eric King: “Egon, you wonder with what we’ve been hearing recently (about shortages of metal), if London Gold Pool II is getting close to collapsing.”
Egon von Greyerz: “The demand position is very interesting. I think we have to, Eric, differentiate between what’s happening in the London Gold Pool, which is a totally artificially situation, and what is happening with the refiners, and gold and silver production. Talking to our refiner friends here in Switzerland, which you know produce 70% of the world’s gold bars, they are seeing good demand for gold and also silver, especially from India and from China.
Enormous Strain In The London Gold Pool
We know that the price of gold and silver has nothing to do with supply and demand. When demand goes up strongly like it is doing now in India, and also to almost the same extent in China, that’s not affecting the gold price at all. Sadly, the gold price is only affected by what’s happening in the paper market, but that paper market is not going to survive in its present form. I hear that there is enormous strain in the London Gold Pool…to continue listening to one of Egon von Greyerz’s best interviews CLICK HERE OR ON THE IMAGE BELOW.
To listen to Alasdair Macleod in the KWN Weekly Metals Wrap CLICK HERE OR ON THE IMAGE BELOW.
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