The West Sells Gold While the East Buys Gold
In this quick video on CNBC the announcer makes the point that the price of gold is dropping as those in the west sell paper gold. In the east, however, the announcer notes that physical gold is being bought en masse mentioning the long lines to buy physical gold to hold for the long term and that such purchases amount to a wealth transfer.
We noted last month that physical buying of gold and silver is increasing while the sales of paper gold and silver are pushing their prices down. Demand for physical gold and silver remains strong in the wake of paper selling.
In a world where the supposed safest sovereign debt, U.S. Treasuries, denominated in rock solid currency, the dollar, are headed toward a possible default, we wonder how long before the prices of gold and silver start their upward momentum and the safe haven status of gold and silver is regained.
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