In the West there is relatively little demand for precious metals right now. But if you then turn to the East, they are buying everything they can from the refiners here in Switzerland. So the physical market in the East is extremely strong. And the West is totally missing the boat and ignoring this market. This is the trend we’ve seen in the last couple of years.
We’ve seen most of the physical gold go from West to East and in the end there will be very little left in the vaults of (Western) central banks and in the vaults of the bullion banks. It (virtually all of the gold) will be in the East.
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