"Submitted by Mike Krieger via Liberty
Blitzkrieg blog,
This is one of those stories about the gold market that almost seems too wild
to be true since the numbers are so extraordinary. According to a Reuters
article from earlier today, Australian bank Macquarie has reported that gold is
flooding out of London and into Switzerland at a mind-boggling rate.
Specifically, 240 tons were exported in May alone and 797 tons during the first
half of 2013. That means gold is being exported at a annualized run rate
of 17x the 92 tons exported for all of 2012. That’s insane.
Moreover, it seems a lot of that gold is being sent to Switzerland so that
the 400oz bars can be melted down into different sizes that are more
amenable to Asian sensibilities. So, as many of us suspected all along,
what has happened is lobotomized
Westerners have sent much of their gold to Asia just as the financial system
prepares to melt down again. The fact that the market has absorbed all
of this and yet we still have
a backwardated market is extremely bullish..."
at http://www.zerohedge.com/news/2013-08-20/gold-flooding-out-london-switzerland-alarming-rate
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