People are not selling physical gold: “Recycled gold showed surprisingly restrained growth, increasing only 3% to 1,404.3 tonnes despite a 67% increase in the US dollar gold price during the year. Historically, price spikes trigger significant scrap flows as consumers sell old jewellery and other gold items.”
Shares soared 24% on the news. Gromen noted this is exactly what happened with stocks of companies that were first to offshore labor from the now rust belt to china.
People are not selling physical gold: “Recycled gold showed surprisingly restrained growth, increasing only 3% to 1,404.3 tonnes despite a 67% increase in the US dollar gold price during the year. Historically, price spikes trigger significant scrap flows as consumers sell old jewellery and other gold items.”