Report: Brinks Vaults Are Being Depleted: “This Has the Appearance of a Run On the Bank”
July 15th, 2013
The price of gold and silver has seen a massive decline as of late, prompting one analyst to suggest that there is no compelling fundamental reason to own precious metals and the only thing investors can do now is “hope and panic, in that order.”
But while current prices and technical charts may leave some with the feeling that gold’s bull run is over and the bubble has popped, others are scooping up as much yellow and silver metal as they can find, and in some cases they’re doing it by the tens of thousands of ounces.
According to recent data from the Chicago Mercantile Exchange, private investors are rapidly exchanging their paper holdings and turning them into deliverable physical assets, an indication that the purported ‘free market’ price for gold on global exchanges is grossly undervalued.
Brinks is now being depleted.
They have gone from 447,199 on July 3rd to 134,525 on July 9th which is a drop of 312,674 oz.
If this is correct, then this is a decline of 70 percent in the gold held in private accounts at Brinks in just one week.
If this is data is correct, it would not be too much of a stretch to say that this has the appearance of ‘a run on the bank.’