Last week we saw gold plunging to new lows, but when we look at how the U.S. Mint is doing (record silver sales) and in particular how Shanghai is doing it will tell a different picture.
Last week Shanghai deliveries went up to 60 tonnes a week again, going above mine supply. A week later gold was smashed to $1150/ounce. So I expect deliveries are going even higher.
Yesterday, I strolled through the cities of Hong Kong and I saw an increase in customers at the gold retailer shops like Chow Sang Sang and Chow Tai Fook. They were definitively aware of the smash in gold and went buying like real professionals.
Last week Shanghai deliveries went up to 60 tonnes a week again, going above mine supply. A week later gold was smashed to $1150/ounce. So I expect deliveries are going even higher.
Yesterday, I strolled through the cities of Hong Kong and I saw an increase in customers at the gold retailer shops like Chow Sang Sang and Chow Tai Fook. They were definitively aware of the smash in gold and went buying like real professionals.
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