“That is real gold. The alternative is paper gold…other people’s promises.”

“It’s Virtually Impossible to Get Physical Gold in London”
One of the best interviews we have seen about gold in recent weeks took place last week. It was a Bloomberg interview which involved Peter Hambro being interviewed by Francine Lacqua and Manus Cranny on Bloomberg Television’s “The Pulse.”

Some of the great quotations from this refreshing interview include:

• “I believe it [gold] is [still the safe haven]… [This gold coin] 2000 years ago buys the same amount of bread today as it did when Jesus Christ was born. That is a real safe haven asset…
• “That is real gold. The alternative is paper gold…other people’s promises. That is nobody’s promise. This is real. You can feel the weight of it. It’s lovely… “
• “It’s virtually impossible to get physical gold in London to ship to China and India.”
• “Are you sure it’s as good to have Comex futures as it is to have the real thing?”
• “The price of gold doesn’t vary, it’s the price of the promises that vary.”
• “There is no physical about. Instead, there are endless promises.”
• “I really worry that that paper market is something that could be stamped upon and people say ‘sorry, we’re going to have a financial closeout’ and it’s all over. If you want to be in the gold business, you want to be in the physical business.”
• “Gold is what I call wealth insurance. You have health insurance, fire insurance – this is wealth insurance…
• “The promises are the things that vary. Are you sure it’s as good to have Comex futures as it is to have the real thing? In the Shanghai market, which is the only big physical market, recently introduced by the Chinese – year on year, they delivered 55 million ounces from August to August. That’s 65 billion dollars worth of physical gold. That is about half of the world’s mine supply. When you add to that the gold that’s being bought by the People’s Bank of China… Chinese demand… What the Chinese have done for their people by encouraging them to buy gold, then devaluing their currency, is fantastic…”

DAILY PRICES
Today’s Gold Prices: USD 1105.50, EUR 977.11 and GBP 716.49 per ounce.
Friday’s Gold Prices: USD 1108.00, EUR 977.98 and GBP 716.97 per ounce.
(LBMA AM)

Gold had a marginal gain of 80 cents while silver fell 19 cents, or 1.3%, to $14.44 an ounce on the COMEX yesterday. Gold was marginally lower in gold trading in Singapore and fell a further $2 in European trading.

Read more on the GoldCore blog

IMPORTANT NEWS

Gold holds near 1-month low ahead of Fed meeting – Reuters
Gold Holds Above One-Month Low as Investors Wait for Fed’s Move – Bloomberg
Gold Bulls Can’t Shake Fed Woes as $2.6 Billion Wiped From ETPs – Bloomberg
Gold scores gain to start week ahead of Fed rate decision – MarketWatch
Platinum Falls to 1-Month Low as Silver Drops on China Concerns – Bloomberg

IMPORTANT COMMENTARY

“It’s Virtually Impossible to Get Physical Gold in London” – Bloomberg TV
Want a Gold IRA? Here Are 3 Ways to Get It – The Motley Fool
Financial Meltdown and the Confiscation of Bank Savings: The UK-EU Bank Depositor “Bail-In” Scheme – GlobalResearch
Goldman Sachs – Perpetrator Of The Fed’s Jihad Against Savers – David Stockman’s Contra Corner
The Coming Silver Shortage – 24 Hour Gold

Read more News and Commentary on GoldCore.com

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