In an interview on Bloomberg TV this week, Mihir Dange spoke about the unusual “backwardation” of the gold futures market happening right now and what that means for physical gold demand. If you want to learn more about what the gold futures market can tell us about physical gold, read this month’s Gold Letter.
“What that means right now is that there’s heavy demand for the physical, with the trading so cheap. China reported in the first half of the year they had 50% increase in consumption of gold… Our office tried to buy physical gold when it got down right around $1200 to $1250. It’s been 8 weeks, we still haven’t received our order of physical gold… There’s a huge run on physical right now. You’re seeing the prices now rally, you’re seeing people want to be involved in physical.”
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Mihir Dange: People Want to Own Physical Gold (Video)
In an interview on Bloomberg TV this week, Mihir Dange spoke about the unusual “backwardation” of the gold futures market happening right now and what that means for physical gold demand. If you want to learn more about what the gold futures market can tell us about physical gold, read this month’s Gold Letter.
Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffBlog