Today www.preciousmetalsinvesting.com brings you further evidence of the exploding growth of precious metals bullion sales and the supply shortfalls we may be facing. This video from Bloomburg features Mr. Haywood Cheung, President of the Chinese Gold & Silver Exchange Society, who tells Bloomberg that their exchange is sold out of gold bullion. The delivery time is increasing as they rely on (additional) shipments out of Switzerland and London.
A quote from the interview: “Demand is much higher than the supply right now. Most of the bullion is sold out right now. Most of our members are short of physical delivery.”
They are waiting for delivery from Switzerland and London. This is increasing evidence of the flow of gold from east to west as monetary policies such as quantitative easing and other government fiat money printing schemes increasingly make investors skeptical of paper currency.
We have seem many of the largest bullion dealers in the US sold out on many of their most popular bullion products. Premiums over spot are often several times what they were just a few short weeks ago. Junk silver, which historically use to sell at a discount to the spot price of silver because of the additional cost of refining the fractional percent of silver from these older US coins (when US coins still contained silver) is now selling, when available, at significant premiums to spot.
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