Posted on 04/23/2013 7:01:24 AM PDT by blam
Retail Demand For Gold Is Going Nuclear In Asia And Shops Can't Keep It On Their Shelves [PHOTOS]
Joe Weisenthal
April 23, 2013, 7:42 AM
The recent drop in gold has created a huge surge in Asian gold demand.
It's happening in India, Hong Kong, and elsewhere.
From Josh Noble at FT:
Asia is witnessing one of the strongest waves of physical gold buying in 30 years, with bargain hunters using the drop in prices to secure jewelry and gold bars.
The feverish buying has left many of Hong Kong’s banks, jewelers and even its gold exchange without enough yellow metal to meet demand. In Shanghai, the gold exchange saw volumes – often seen as a proxy for demand – rising to a record on Monday, while queues formed outside some jewelery shops in Beijing.
Check out these Reuters photos of crazy gold demand in Hong Kong that's causing shelves to go barren.
((Snip)
(Click tot he site to see the photos)
(Excerpt) Read more at businessinsider.com ...
I did notice that U.S. gold coin prices for half and quarter eagles didn’t seem to be effected much on eBay auction sales after the recent market drop.
Are they using gold as a substitute for brass and lead over in Asia?
Hmmm, maybe we should call gold "fool's brass".
I did notice that U.S. gold coin prices for half and quarter eagles didn’t seem to be effected much on eBay auction sales after the recent market drop.
This morning Texas Precious Metals put 21,000 ASE’s on their site in monster boxes (500 coins per box). Were listed at 8 AM and within 15 minutes all 21,000 silver eagles were gone.
What were they getting per ounce?
That's odd. I thought spot was 22.85.
That's 22% above spot for a BULK purchase of physical - 35 pounds of silver.
Yeah the premiums have grown as the paper market collapsed. The way silver is falling you should be able to pick it up in the gutters.
Evidently the laws of supply and demand have been repealed. Nothing but paper trading hands.
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