Drumbeat: January 13, 2012

theoildrum.com 13 Jan '12, 2pm

Drumbeat: January 13, 2012

There is a large amount of paper gold out there which has no backing and many of the major banks use that to manipulate gold prices. The evidence for this is the fact that most of the so called gold reserves backing all the major gold ETF's have never been audited and all attempts at it have been in vain. As of right now the price of paper and physical is the same but I don't think that will be the case if a major financial meltdown occurs(which I must admit might never happen). I know for a fact that there is a shortage of physical gold in my country because in India people don't believe in financial instruments like ETF's. I had recently inquired at many shops and they were all out of coins citing the heavy demand. I guess in the west most of the people buy gold through ETF's and hence they don't notice this thing. Same is the case with silver, the outstanding claim is f...

Full article: http://www.theoildrum.com/node/8842

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