by Patrick A. Heller, Numismaster.com:
Late last week and into the early part of this week, gold and silver prices experienced some of the largest daily price drops, both on a dollars and cents basis and on a percentage basis, than has been seen in years or decades.
Normally, prices drop because of an actual or an anticipated glut of supply. But that isn’t what is happening with physical gold and silver right now. There are reports out of Japan of people trying to get rid of their yen (which the government is promising to depreciate rapidly) and into assets like precious metals that will hold their value – and having to wait in line as long as three hours to be able to buy gold and silver.
Yesterday in our store, the further price drop brought out even more eager buyers of precious metals. Even though we recently moved to much larger quarters (the size of the showroom quadrupled and we added several phone lines), customers were waiting as long as 30-60 minutes to be served. Many people simply could not get through on the telephone lines because they were jammed with calls.
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