(King World News) – The following exclusive King World News video footage (below) obtained by our sources on the ground in Asia shows a massive line of customers in Thailand’s Gold District.
Ratri Armchuang, who has been active in the gold stores for 54 years, stated, “I have never seen the line this long in Thailand’s Gold District in my entire life.” The massive line of customers are looking to sell their gold. The selling has been so aggressive that at one point during gold’s surge Thailand’s Prime Minister, General Prayut Chan-o-cha, stated, “I’m asking people to sell gradually, not in large amounts, as shops may face a cash crunch.”
Some of the selling is related to the collapse in the economy because of the pandemic and the financial stress it is putting on citizens, but Thailand generally exports 10-30 tonnes of gold a month whenever there is a significant surge in the price because of profit taking on existing gold holdings.
Also of importance is the fact that many Asians generationally view money differently than we do in the West. They do not trust fiat money and many of them do not trust banks. Thailand’s wealthy accumulate gold, but the middle class will regularly use a percentage of their income to purchase physical gold, particularly when the price of gold declines significantly. That is when you will see long lines to purchase gold. Then, as the price of gold rallies, they will often sell a portion of their gold to take some profits. That is what we are now seeing, but in large numbers.
Meanwhile, In Europe
Meanwhile, in Europe and the United States we have been seeing the super wealthy buying large amounts of physical gold through family offices in the West that handle their wealth. This is one of the primary reasons we have been seeing a short squeeze in the gold market, especially in light of the large deliveries of physical gold being delivered out of the COMEX.
KWN will continue to keep readers around the world informed as to what is happening in the gold market. In the meantime, remember that it is best to have a big picture view when investing in the gold and silver markets in order to not be shaken when periods of large volatility occur.
KWN has now released this week’s audio interview!
To listen to the powerful audio interview where Alasdair Macleod discusses the possible collapse of the LBMA, trapped bullion bank gold shorts and much more click here or on the image below.
GOLD: What Is Happening Behind The Scenes Is Shocking
***ALSO JUST RELEASED: What Is Happening Behind The Scenes In The Gold Market Is Truly Shocking CLICK HERE.
© 2020 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the articles is permitted and encouraged.