As we come to the end of trading in May, today the man who has become legendary for his predictions on QE, historic moves in currencies, told King World News that what is happening in the physical gold market is remarkable.
Eric King: “Egon, what are you seeing on the physical side of the gold market? I know you deal with the Swiss gold refiners directly. What are you seeing?
Egon von Greyerz: “We speak to the Swiss gold refiners all the time and I visit them regularly. I was there very recently and they are seeing constant flows of gold to primarily China, and also to India. All of the global gold production is taken up by China and India, and they don’t ever see any exports coming from China. The refiners believe that the gold being produced in China stays in China. So the Chinese government actually keeps all of that gold for themselves and we know that (alone) is around 400 tonnes a year being mined in China…
Continue reading the Egon von Greyerz interview below…
Egon von Greyerz continues: “This is the interesting point about gold: Every single ounce of the (roughly) 3,000 tonnes mined in the world each year is sold. Somebody wrote to me the other day and said the gold miners and the World Gold Council are making a big mistake, they don’t have any marketing organization. But I said:
“They don’t need it. They don’t need it because they don’t need to market it because there is constant demand for all of the gold that is being produced. So there’s nothing to sell. It’s automatic. As soon as gold is mined, it’s been pre-sold — all of it.”
That’s what is happening in the physical market, Eric. And that is why…To continue listening to the remarkable KWN audio interview with Egon von Greyerz CLICK HERE OR ON THE IMAGE BELOW.
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