by Bill Holter, Miles Franklin:
What a difference a few days makes! I was away for the bulk of this week and had no internet access for 2 days, it looks like the world changed (it did not, only the perception) in the blink of an eye. 2 weeks ago was day 1 of the “2 day smash” in gold and silver, here we are 2 weeks later and even the most asleep at the wheel and uninformed can see and knows that the “price” just ain’t the price.
U.S. Mint sales have exploded, premiums of close to and above 10% exist in gold while silver has been cleaned off the streets. The latest from the Mint is that they have suspended the sales of 1/10th ounce Gold Eagles. I have long been an advocate of these even with their higher premiums because at some point they will “spend” and it appears that the public now agrees. Across the pond, the Royal Mint has seen their sales triple which mirrors the rest of Europe, Japan and Asia proper. Silver has just evaporated and reports of “none to be had” and up to 8 week waits with 25-30% premiums are now the norm. How can this be since supposedly 2 weeks ago MASSIVE amounts of metal were puked up and hit the streets? Dealers should be swamped with metal since so much was sold… right? Well, it was not metal… it was paper as we now have proof that what we told you then is in fact what happened. It was a paper attack on price and not only was the metal itself not sold, it has been BOUGHT in unprecedented quantities… and globally!
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