Singapore Source – West Is Now Running Out Of Physical Gold
August 23, 2013
Today one of the most highly respected fund managers in Singapore warned King World News that the West is finally running out of available physical gold to supply the market. Grant Williams, who is portfolio manager of the Vulpes Precious Metals Fund, also spoke about the the pressure being put on India by the West to lease their 200 tons of gold and how this will impact the market. Below is what Williams had to say this powerful interview.
Eric King: “When the United States closed the gold window in 1971, gold proceeded to go up six-fold in a very short period of time. But time-to-time there were threats from the IMF during the 1970s that they were going to sell some gold to stem the rise in the price. We see all of this gold pouring out of the West, and now there is this pressure on India to lease their 200 tons of gold. Does this have a 1970s feel to it to some degree?”
Williams: “There are two major differences now, Eric: The first big difference is that the sellers have been selling gold. And when you have a finite resource, it’s not like dollar bills, you can’t just print more — if you keep selling, one day you are going to have sold it all and you are not going to have any more to sell….