Loading ...I reckon we have a whole new mkt here…..one that doesn’t care what else is going on, one that is just seeing huge demand for physical gold and silver, but gold in particular…..and my guess is China is the buyer.
As I have said before…it’s the action…I just popped out for an hour or so, Gold was trading 2390….I checked while out, saw 2386…thought OK, so buyers backed off a touch….come back and see 95/97….that is relentless buying and almost certainly from dealers covering what was sold overnight, by their Far East branches…..and it is happening every day, no matter what other mkts do…….
This is pure guess work…..there might also be a whale in the West, who buys everyday in massive size, to cause the same action…..but somehow I doubt that….this smells much more like millions of Chinese buyers…..just 1 million oz is nearly 28 tonnes….10 million = 280 tonnes and it is all phys….
Plus this action is getting the Share shorts to add, if metal keeeps climbing, then at some point the shares will get bought big time ……they are gonna have to cover huge shorts in a buying frenzy…..the perfect nightmare.