Egon von Greyerz told that Swiss gold refiners have been overwhelmed with orders for physical gold and buyers are now experiencing major delays in deliveries.
“I had stated previously that gold would bottom in the last week of December, and this is what happened. That daily, intraday low that we’ve seen was a screaming buy both fundamentally and technically. I can tell you there were many banks and other parties taking advantage of this low.
There has been major buying in the physical market as gold came down in the last week of December, and the first week of January. The Swiss refiners are now working at absolute full capacity. There is a delay in fulfilling orders....
This shows you what I’ve been saying, as gold is dipping, the strong buyers are coming in. The buying came in on the dips and it was so massive from the Swiss banks and from the Middle-East, and the Far-East, that the refiners could not supply them without major delays.
And this is confirming what I’ve been saying continuously, that the manipulation of gold is taking place in the artificial paper market. The paper sellers are selling what they don’t have (physical gold), and they can never deliver. The day the paper buyers realize this, which in my view is not far away, gold will explode.
This is why it is so important, to hold physical gold and to hold it outside of the banking system.
People should not worry about gold dipping because the real buyers are in the physical market and that is the only market we should look at.”
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