Paraphrasing Ross Perot words of sucking sound he warned US about jobs , it is a sound that gold makes leaving West and going East.
News are full of stories about customers flying from all over M.E to Dubai to buy gold, completely sold-out airfares, etc :
“I cannot find a place for transporting gold on Emirates, on BA on Swiss Airlines this weekend," Mr. El Mdaka said. "I am shipping in one-and-a-half to two tons of gold every day and it is going straight out."
China also accelerating it consumption to exceed 1000 ton this year:
“China's 2012 gold consumption was 832.18 tons, up 9.35% from a year earlier, showed data from China Gold Association. Consumption in China, the world's second-largest consumer after India, jumped more than 36% to 456.2 tons in the first four months of the year.”
Since the beginning of the year, total COMEX gold inventories have fallen 32%, from 11 million ounces in January to around 7.5 million ounces.
I believe that in some point physical demand will outpace what is available resulting in beginning of new gold run.
Call it seven year cycle, Fibonacci effect
or C-wave – but brokers don’t make money unless they convince their clients that new rotation about to begin.
And when it begins – Petaquilla will be ready , hope I will be too.
AI
