Cashin Warns About West’s Disappearing Gold Hoard
December 28, 2013
Today 50-year veteran Art Cashin warned King World News about the West’s disappearing gold hoard. Cashin, who is Director of Floor Operations at UBS ($650 billion under management), also discussed what surprises him the most regarding the West’s loss of gold.
Eric King: “Art, I wanted to discuss a Bloomberg story where they talked about gold literally disappearing from the vaults in London. An individual interviewed in that piece said the vaults were full two years ago, and now they are virtually empty. This transfer of gold from the West to the East, does it worry you, Art?”
Cashin: “It is concerning … China has stepped up to be a pretty big buyer of gold. So we will keep an eye on where these transfers go. These people (in the East) are concerned about their own currencies and the ability of their own governments to control things. They look for the safety of gold, something hard that has stood them well (in terms of wealth preservation) over the decades.”