Chart usGOLD   Chart usSILVER  
 
Food for thought
Gold is diversification and insurance all wrapped up into one nice package. So simple.
Anonymous  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1280.70-0.10
Silver 19.410.00
Platinum 1416.500.50
Palladium 883.00-2.25
WORLD MARKETS
DOWJONES 17001-37
NASDAQ 45396
NIKKEI 15539-47
ASX 56417
CAC 40 4253-40
DAX 9339-62
HUI 238-1
XAU 990
CURRENCIES (€)
AUS $ 1.4218
CAN $ 1.4488
US $ 1.3241
GBP (£) 0.7988
Sw Fr 1.2095
YEN 137.6700
CURRENCIES ($)
AUS $ 1.0737
CAN $ 1.0942
Euro 0.7552
GBP (£) 0.6037
Sw Fr 0.9133
YEN 103.9300
RATIOS & INDEXES
Gold / Silver65.98
Gold / Oil13.72
Dowjones / Gold13.27
COMMODITIES
Copper 3.210.03
WTI Oil 93.36-0.60
Nat. Gas 3.88-0.05
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Sprott – Default Coming As 850 Tons Of Gold Supply Vanished
Published : February 13th, 2013
278 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 ) Print article
 
    Comments    
Tweet
Keywords :   Comex | Default | Gold | Gold Supply | Johnson | Metals X | Silver |

By Paul Martin
KingWorldNews.com
February 11, 2013

Today billionaire Eric Sprott told King World News that the massive plunge in gold scrap recycling may be removing as much as a staggering 850 tons of gold from world supplies each year. Sprott, who is Chairman of Sprott Asset Management, also warned of a coming default on the COMEX, “And when it (the default) happens, there will be a substantial move in the price of gold (and silver). We’ll make up for these last two years in no time.”


Eric King: “KWN has been receiving information from refiners for quite some time, and this was from one of the largest metals refiners in the world, “The secondary market, which is scrap, business is down almost 50% year over year, and the previous year was already a down year. The only supply now is coming from the miners. This applies to both gold and silver. Gold and silver bar and coin demand is very strong and the supply has essentially dried up.”

Sprott: “It’s interesting, Eric, that the data on recycled gold is woefully lacking. That’s what I hear from my discussion with people, and Johnson Matthey in their six month report suggested that their recycling was down. Your evidence is meaningful. That’s what I hear.

Because the price has been static or down, essentially, for 2 years, the willingness to trade in gold rings and otherwise recycle some jewelry has diminished here. If it (recycling) is down 50%, I think recycling adds something like 1,700 tons to the gold supply above mine supply, well, that would imply a reduction of (a staggering) 850 tons (of gold supply)…. Read more @KWN

Tweet
Rate :Average note :0 (0 vote)View Top rated
Previous article by
Charleston Voice
All articles by
Charleston Voice
Next article by
Charleston Voice
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

Charleston Voice

All the stuff you don't want to know about, but should. And, when you do know, you realize that for the present you are powerless to change it This article is brought to you by the Charleston Voice E-mail List. To subscribe FREE to the distribution list, send an e-mail to the author with 'SUBSCRIBE' in the subject line.
Charleston Voice ArchiveWebsite
Most recent articles by Charleston Voice
8/20/2014
8/4/2014
7/27/2014
7/23/2014
6/30/2014
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer