Metals Bear Raid – Sprott Raises $392 Million For Gold for PHYS – Dalio Says ‘Shift Assets Into Gold’
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
jessescrossroadscafe.blogspot.ca / By Jesse / September 12, 2012
“Gold was not selected arbitrarily by governments to be the monetary standard. Gold had developed for many centuries on the free market as the best money; as the commodity providing the most stable and desirable monetary medium…I see a great future for gold and silver coins as the currency people may increasingly turn to when paper currencies begin to disintegrate.”
Murray N. Rothbard
On the bright side, the Sprott Physical Gold Trust (PHYS) completed its secondary offering and the underwriters allotment, raising $392 million to buy additional gold bullion to be held in the trust.
The report does not indicate if they have secured title to the gold yet. Even after they have secured title, it often takes weeks and even months to achieve actual delivery to their vaults. The recent lag times in their Silver Trust expansion, and the types of bars they received, suggested a tight market for the real thing.
As you may recall, I think that it will be in the high quality bullion bar bulk market where the initial signs of failure to deliver will occur. The peripheral and coin markets will stay relatively healthy until the dawning comes, and then dry up overnight. The retail crowd are always the last to know. So lets keep an eye on this.
The metals were smacked hard today in what *looked like* a secondary reaction to the complications in Europe over their rescue funds. What initially looked like good news for the fans of Draghi was tarnished by a misunderstanding about the role and scope of the German Parliament. There are also quite a few unanswered questions about how it could be implemented in specific countries.
Thanks to BrotherJohnF
2012-09-12 13:38:08
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