Today a legend in the business told King World News there is a continued massive run on physical gold and silver. Keith Barron, who consults with major gold companies around the world and is responsible for one of the largest gold discoveries in the last quarter century, spoke about this remarkable situation and what it means for investors. Below is what Barron had to say in this extraordinary interview.
Barron: “I was just asked by one of the major brokerage houses in Toronto to give a presentation on what has taken place in the gold market. Many people inside the firm simply could not understand what happened with gold. I told them what we had just witnessed was an orchestrated takedown.
If the Dow, Nasdaq, or the S&P had tumbled in the same manner as what the gold market experienced, there would have been trading curbs, enquiries would have been made, etc. In contrast, all we saw in the gold futures market were more and more margin calls. But what is cleaning up this mess right now is the enormous physical demand.
We spoke last time on KWN about the tremendous demand at Scotia (Bank) in Canada and UBS in Switzerland, but the Japanese are coming in to the gold market in a shocking way right now….
“One of my colleagues, who was in Tokyo, just told me there were stunning $500 premiums on one ounce American Gold Eagles, and there were none to be found anywhere in Tokyo. So the Japanese were taking advantage of the price drop to buy seemingly everything available in terms of physical gold in the entire country.
They were dumping their yen and other currency positions and putting massive amounts into physical gold. This was happening as fast as the Japanese could do it, and they did not mind paying quite a premium for physical gold. What we have seen around the world has literally been a run on physical gold. People all over the world are simply turning in their fiat money for physical gold, and silver as well.