Mining Weekly this week quotes DRD Gold CEO Niel Pretorius as recognizing a growing problem with "paper gold," with the supply expanding while gold production declines.
"There's a shortage of real gold to cover the paper gold position that's out there," Pretorius says.
Of course there's no guarantee that investors will not continue to prefer "paper gold" over real metal, thereby allowing central banks to inflate the supply of the former and in effect lock the exits from their fiat currency system. But it's nice to see a gold mining executive willing to acknowledge what's really going on.
The Mining Weekly report is headlined "World Heading for Shortage of Physical Gold -- DRDGold" and it's posted here:
http://www.miningweekly.com/article/world-hea...ge-of-physic...
