The Gold Is Gone

In this TV appearance, Bloomberg’s Kenneth Hoffman reports on the most important development in the gold market in 2013 and what to watch in 2014.

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About the massive transfer of gold from London to Hong Kong in 2013: 

“You could go into a vault in london a couple of years ago. The vaults were packed to the rafters with gold, and the gold would trade from me to you to somebody else. You can walk into those vaults today and they are virtually empty. All that gold (26 million ounces) has been transferred from London and has gone to Switzerland where it has been recast to higher grade formats and shipped off to Hong Kong and then to China never to return.”

What to watch for in 2014:

“The most interesting thing, looking into 2014, if there would be an interest in gold again, that gold is gone, it is not there anymore. They are building 2,000 metric tonnes vaults for gold all over Asia. The Chinese don’t want to have US Dollars anymore, they want to have gold.”

Metals and mining in the past year:

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“Everybody we talk to about China and the Third Plenum [of the 18th Central Committee of China’s Communist Party] thinks is a game changer. It is going to completely change the way they view investments. Right now they shutting down these unprofitable state owned industries at a massive cliff. There were also bright spots in metals and mining, although hard to find. Platinum was very good, copper had a good run towards the end of the year, iron ore was an interesting area. The stocks have really underperformed the market by a huge amount, there were also some good spots.”

gold_bar(click to listen to the interview)

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