Bloomberg Business interviewed Peter Hambro, Chairman and Co-Founder of Petropavlovsk – one of the largest gold mining companies in Russia. Hambro presented physical gold to the Bloomberg anchors, who seemed genuinely dubious as to its value, insisting that gold is for “speculators.” Hambro clarified that “paper gold” is for speculators, and he believes the Comex futures market is going to come crashing down eventually – something we wrote about yesterday.
As an industry insider, Hambro shared invaluable insights into the physical gold market, especially when it comes to Asian demand:
In the Shanghai market, which is the only big physical market, recently introduced by the Chinese – year on year, they delivered 55 million ounces from August to August. That’s 65 billion dollars worth of physical gold. That is about half of the world’s mine supply.”
Hambro also shared Peter Schiff’s opinion that the Federal Reserve is not going to raise interest rates. Rather, all the Fed has to offer are economic bedtime stories to influence market perception. Click here to learn why you want to buy gold when perception becomes more important than reality.
BPlayer(null, {“id”:”sZ~Uri4MRJunO9fg5JSKjA”,”htmlChildId”:”bbg-video-player-sZ~Uri4MRJunO9fg5JSKjA”,”serverUrl”:”http://www.bloomberg.com/api/embed”,”idType”:”BMMR”,”autoplay”:false,”log_debug”:false,”ui_controls_popout”:false,”wmode”:”opaque”,”share_metadata”:{“canonical_url”:”http://bloom.bg/1JUhpRp”},”use_share_overlay”:true,”video_autoplay_on_page”:false,”use_js_ads”:true,”ad_code_prefix”:””,”ad_tag_gpt_preroll”:true,”ad_tag_gpt_midroll”:true,”ad_tag_sz_preroll”:”1×7″,”ad_tag_sz_midroll”:”1×7″,”ad_tag_sz_overlay”:”1×7″,”ad_network_id_preroll”:”5262″,”ad_network_id_midroll”:”5262″,”ad_network_id_overlay”:”5262″,”ads_vast_timeout”:10000,”ads_playback_timeout”:10000,”use_comscore”:true,”comscore_ns_site”:”bloomberg”,”comscore_page_level_tags”:{“bb_brand”:”bbiz”,”bss_cont_play”:0,”bb_region”:”US”},”use_chartbeat”:true,”chartbeat_uid”:”15087″,”chartbeat_domain”:”bloomberg.com”,”vertical”:”business”,”ad_tag_overlay”:”business/videooverlay”,”use_parsely”:true,”source”:”BBIZweb”,”module_conviva_insights”:”enabled”,”conviva_account”:”c3.Bloomberg”,”zone”:”video”,”ad_tag_cust_params_preroll”:””,”width”:640,”height”:360,”ad_tag”:””,”ad_tag_midroll”:””,”offsite_embed”:true});
Leave A Comment