I thought I was doing quite well with my steady acquisition of physical gold and silver (and by the way, if I have to write another email telling people the difference between physical metal and a piece of paper I will go nuts!).
Then I read that Russia had bought another 300,000 ounces of gold in April bringing their total reserves to 40.1 million ounces.
The Russian Central Bank clearly knows something. The news was still sinking in when news came in that China now has 200,000 people on a monthly gold savings scheme through their bank accounts.
THROUGH THEIR BANK ACCOUNT?
My bank wouldn’t know a gold coin from a chocolate one – and they certainly wouldn’t be able to sell me one, store one or swap one for their dirty folding fiat currency. Something very strange is going on here.
Why are central banks buying huge quantities of physical gold and how come the price hasn’t responded.
I to;d you recently that Goldman Sachs has a massive short position in silver. This sends a signal to the market that Sachs thinks the price will fall soon. Then we hear that Sachs have been buying enormous quantities of physical silver while the price is low. Hey, how clever is that? They’re the ones keeping the price down.
What does it all mean? We’re being kept in the dark ……
….. just saying.