Gold prices are slightly down in a.m. trading Friday after Wednesday’s gold dump at COMEX engineered once again by JP Morgan. Current reports show physical gold being held in their vaults hit a record low of 0.48%, meaning they couldn’t cover demand if buyers wanted to take delivery of their gold. Gold last reported a.m. is $1105.30 and silver is $14.54. Both metals remain available below mining costs. Give us a call for specials on the 1 oz. Australian Silver Funnel Spider coin while supplies last. 1-800-577-3195 Ext. 1 for sales.
Global markets remain wary as more downbeat economic data comes out of China, the world’s second largest economy. China’s exports were down 5.5% in August, year on year, while imports were down 13.8% over the same period. The imports figure was in line with expectations but the exports figure was much weaker than expected.
China dumped a record $94 billion in U.S. debt during the month of August while purchasing another 16 tons of gold in the same period. Expect China to continue diversifying out of the dollar into gold and other tangible assets as they move to strengthen the Yuan.
It’s time to begin the process of protecting our wealth with physical gold and silver. We can even own physical gold and silver in our IRA. Call 1-800-577-3196 Ext. 2 to speak with a retirement account specialist.
Gold Goliath is not your typical gold dealer.