Chart usGOLD   Chart usSILVER  
 
Food for thought
The world is a dangerous place, not because of those who do evil, but because of those who look on and do nothing
Albert Einstein  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1175.13-23.47
Silver 16.08-0.40
Platinum 1234.30-4.00
Palladium 776.700.80
WORLD MARKETS
DOWJONES 17195227
NASDAQ 456617
NIKKEI 16414756
ASX 550548
CAC 40 420261
DAX 9258143
HUI 165-13
XAU 68-5
CURRENCIES (€)
AUS $ 1.4261
CAN $ 1.4087
US $ 1.2566
GBP (£) 0.7857
Sw Fr 1.2058
YEN 139.8200
CURRENCIES ($)
AUS $ 1.1350
CAN $ 1.1209
Euro 0.7958
GBP (£) 0.6253
Sw Fr 0.9596
YEN 111.2660
RATIOS & INDEXES
Gold / Silver73.08
Gold / Oil14.65
Dowjones / Gold14.63
COMMODITIES
Copper 3.120.01
WTI Oil 80.22-0.30
Nat. Gas 3.72-0.01
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
10/27/2014
10/10/2014
10/10/2014
10/8/2014
9/24/2014
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