THE COMPLETE BS PRICE OF GOLD ON THE COMEX The incongruously low paper price of gold in the face of the current global economic turmoil is creating shortages and driving up premiums for the physical metal in key Asian markets.
On China’s Shanghai Exchange, for example, gold bullion is running about $43 per ounce over US prices, according to the World Gold Council. As a result, major wholesale bullion suppliers like Standard Chartered and JP Morgan are channeling metal to China. India’s on-hand stockpiles are now at 10% of where they are typically this time of year, according to Tribune India. The resulting shortage, it reports, could “force Indian buyers to start paying hefty premiums for supplies in the approaching peak-demand season.” Over this past weekend, Business Standard reported a gold rush is underway in India, with festival jewelry orders jumping 595% over last year.
USAGOLD