A couple of weeks or so ago, Zero Hedge published a story on how Italians are cashing in their gold because of hard times.
The story is true. I will publish my expose (with pictures and an actual act of random journalism!) upon my return (no safe computer here nor flash drive). LOTS of companies are taking in gold here, LOTS of details when I get back, I took good notes...
And where is the gold going? China and India...
While this story IS interesting, it is also sad...
Robert, if one followed the main stream news one might get the impression that the global collapse is treating us here in the UK kinder than most.
ReplyDeleteHowever, I've just watched a TV documentary on pawn shops and their current gold purchases
which presented some shocking statistics. Ranging from the poor to the middle classes things are getting so bad that the people are selling vast quantities of their family gold to dealers just so they can pay their debts and eat. One provincial melt shop was quoted as melting a record 20 tons of scrap gold (9 ct.) taken from their pawnbroker clients in one city in only one week.
When Joe sixpack has no gold left, which can't be too long at this rate of attrition, an important source will dry up and further price support should result.
More gold for China/India?
One part of my "random act of journalism" found that gold of MANY forms is coming in. 9 kt. gold is often comes from Eastern Europe.
ReplyDelete