Based upon his recent visit to European gold refiners, Jim Rickards explains the alarming trend of physical gold being gobbled up by China in preparation for the day when the US dollar finally collapses. This short Bloomberg interview with Rickards, author of Currency Wars, is well worth watching.
“The physical demand is through the roof… [Swiss refineries] are working triple shifts to produce gold. For the first time ever…[they’re] having difficulties sourcing gold… The floating supply is disappearing. This gold is coming out of GLD… It’s going straight to China, it’s being put underground. It will never see the light of day for 300 years… China is redefining the global gold market.”
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