“Gold is a possession and not a promise.”
William Rees-Mogg, The Times 12 Dec 1979
Here is the data for gold bullion outflows from ETFs and Exchanges in January of this year.
As you can see, it is a more general phenomenon than some have implied in their remarks about the Sprott redemptions and its discount to NAV the other day.
And this was in a month of generally rising prices for gold.
So the trend continues. There were 942 Tonnes that left the Western repositories in 2013.
Gold is moving from West to East. What does it mean?
And what is left is all that prowling paper, empty of value, looking for more wealth to devour.
The bankers' boys say not to worry. But do not ask to see what remains behind the central banks doors.
Trust, and believe, for the good of the system. Our system, the one that keeps us rich.
If you open your eyes, you'll spoil everything.
Dead bankers and hollowed vaults.
Such goings on. My, my, my.
