<<Gold didn't seem too impressed with the U.S. jobs data from last week, and it traded in a very tight range. I was reading Ed Steer's letter this weekend, and he had an interview with a big shot at the Perth Mint, where over $3.5 Billion worth of vaulted metals are stored. The Perth Mint has this to say about the recent downward move in Gold. "On the depository side of the business.across the board we're not seeing any rush to buy with the price dropping down into the $1500 range-but nor are we seeing any selling. I think that's quite positive. It tells me that [they're] very much strong hands, and are not selling on this price weakness. They're not fazed by it.[so] from our clients we're not seeing any fear or selling action."
That's always nice to read. that a depository the size of the Perth Mint, isn't see a rush to sell Gold, or other metals for that matter. As I've said before, and will continue to say, until these guys go away, or go to jail. the paper trades, are dictating the price of Gold and other metals right now. When these guys aren't allowed to go short more ounces than has ever been minted, we'll see the true price of Gold again, that's dictated by supply and demand. >>--Chuck Butler, Daily Pfennig |
