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overtheedge
Member since May 2012
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No high premiums for suggested gold miner cartel - Bron Suchecki - Perth Mint

Over the decades I have heard supposedly smart people state the same arguments about direct sales when it comes to placer gold.
It is nonsense. Once in a great while some buyer of placer gold gets crazy stupid and pays a substantial premium. But that is uncommon at best.
Getting 70-75% of spot is about as good as one might expect.
Many forget that 10-25% is not gold, but silver and/or copper.

For nice specimen gold, premiums are fairly common but it must be really unique to sell for more than spot.
The time spent in marketing rarely pays wages.

I also note that the proponents of direct sales at premium prices rarely, if ever, have and offer any goods for sale.
Those who can, do. The rest is just noise.

"... most miners are strapped for cash and don't have the ability to not sell and simply hold gold in the quantities necessary to impact the price."
So, so brutally true.

Commented 3782 days ago

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Beginning of the headline :Yesterday The Gold Report published an interview titled Miners Should Launch a Gold Cartel or Risk Losing Everything, Advises Stephan Bogner. In it Stephan suggests that "mining companies should collectively refrain from selling into the market at spot prices but should instead find buyers themselves, as there are definitely investors worldwide—especially from Asia, as well as the Middle and Far East—that would pay high premiums on the spot price to get their hands on physical bullion." I... Read More

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