Dark Gold: Shining Light on a Mysterious Market

The February 2014 edition of the Gold Letter is now available and full of valuable information on the current state of the gold market. Peter Schiff’s commentary addresses a little understood phenomenon that he dubs the world’s “dark gold.” Bud Conrad of Casey Research explains the fundamentals supporting a major turnaround in the gold market this year. Dickson Buchanan, a Euro Pacific Precious Metals Specialist, shares a history lesson with you about why only gold was considered money prior to the creation of the Federal Reserve. And of course, you’ll find the latest Lampoon the System comic, our monthly FAQ, and important news summaries from January.

“Gold is the simplest of financial assets – you either own it or you don’t. Yet, at the same time, gold is also among the most private of assets. Once an individual locks his or her safe, that gold effectively disappears from the market at large. Unlike bank deposits or stocks, there is no way to tally the total amount of gold held by individual investors.

I like to call this concept “dark gold.” This is the real, broader gold market that exists below the surface-level transactions on the major exchanges. It’s impossible to know precisely how much dark gold exists around the world, but we do know that it is enough to render “official” gold holdings insignificant. That’s why I don’t buy and sell gold based on the decisions of John Paulson, or even J.P. Morgan Chase. It is a long-term investment that requires a deep understanding of the nature of money – and how little Wall Street’s media circus really matters.”

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