The Phaserl


This Is How Gold Rush Asia 2013 Looks Like

from Gold Silver Worlds:

The sharpest gold price drop since 2001 (start of the bull market) has unleased a massive spike in physical buying across the globe. In the Western countries, a lot of bullion dealers have reported either delays in their deliveries, or simply not enough inventory.

Now the frenzy was even bigger in Asia. As we all know, we are living in an era in which gold is moving from the West to the East. Gold simply follows where the money goes, as James Steel once said.

Financial Times writes: Asia is witnessing one of the strongest waves of physical gold buying in 30 years, with bargain hunters using the drop in prices to secure jewellery and gold bars.

The feverish buying has left many of Hong Kong’s banks, jewellers and even its gold exchange without enough yellow metal to meet demand. In Shanghai, the gold exchange saw volumes – often seen as a proxy for demand – rising to a record on Monday, while queues formed outside some jewellery shops in Beijing.

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