Asia Shocks West By Demanding Their Gold Be Sent Home
August 15, 2013
After an initial $20 plunge, the price of gold turned violently higher and closed near the highs in what turned out to be almost a $50 trading range. In the aftermath of this turbulent trading, today one of the legends in the business shocked King World News when he said the reason for the wild trading action was that Asian central banks were demanding their gold, some of which is being stored in Western vaults, be sent home to Asia.
Keith Barron, who consults with major companies around the world and is responsible for one of the largest gold discoveries in the last quarter century, also spoke about the stunning reason for this game-changing move by Asian central banks. Below is what Barron had to say in this powerful interview.
Barron: “Gold and silver are having a fierce rally on the heels of a release from the World Gold Council, but I will discuss the remarkable events which are taking place behind the scenes that are the real reason for this rally in just a minute. First, this World Gold Council report discussed outflows of gold from the ETFs. They were also confirming what KWN has already reported — that this gold is going straight into Asia.
Somebody from UBS was interviewed this morning, and they were also saying, ‘The gold leaving the COMEX vaults is likely headed to Asia.’ It’s obvious this is what has been happening for many, many months now. If you look at the premiums in Shanghai today, they are running at a steep $22….