Groenewolf
05-13-2010, 12:54 PM
source (http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/4/27_Richard_Russell_-_Wealthy_Getting_Out_of_Fiat_Money_.html)
Eric King: The wealthy are on a buying spree. Their goal is to lessen their exposure to paper currencies. From Richard Russell’s piece, “I watch the jewelry auctions, and I subscribe to the Sotheby’s and Christie’s catalogues. Prices for top-grade gems are going through the roof. I was talking to a jeweler friend yesterday who just returned from a Sotheby’s auction. He said he couldn’t believe the prices that some of the jewelry was going for. One diamond that he expected to be able to buy for $200,000 went for $950,000. He said he was staggered by the prices. “
April 27, 2010
I interviewed Henri Barguirdjian President and CEO of GRAFF the largest fine jeweler in the world and Henri talked at length about what the wealthy are doing with their money. He also discussed their growing fear of paper assets and currencies. Here is a link to the interview:
GRAFF CEO Interview on King World News (http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/1/30_Henri_Barguirdjian.html)
Back to Russell’s piece, he discussed the primary bull market in gold and the fact that silver is extremely cheap compared to gold. He also pointed out that many countries are accumulating gold and do not want the price to run away from them to the upside.
One of those countries accumulating is China and the Chinese need an additional 3,000 tons of gold. The last thing China wants to see is a tremendous rise in the price of gold, but gold is a tiny market. As the army of people around the globe trading in their paper money for gold and silver continues to increase, western central banks and the Chinese are coming to grips with the fact that the gold market is becoming increasingly difficult to manage.
To read the Russell piece in its entirety here is the link from 321gold:
http://www.321gold.com/editorials/russell/russell042610.html
Eric King: The wealthy are on a buying spree. Their goal is to lessen their exposure to paper currencies. From Richard Russell’s piece, “I watch the jewelry auctions, and I subscribe to the Sotheby’s and Christie’s catalogues. Prices for top-grade gems are going through the roof. I was talking to a jeweler friend yesterday who just returned from a Sotheby’s auction. He said he couldn’t believe the prices that some of the jewelry was going for. One diamond that he expected to be able to buy for $200,000 went for $950,000. He said he was staggered by the prices. “
April 27, 2010
I interviewed Henri Barguirdjian President and CEO of GRAFF the largest fine jeweler in the world and Henri talked at length about what the wealthy are doing with their money. He also discussed their growing fear of paper assets and currencies. Here is a link to the interview:
GRAFF CEO Interview on King World News (http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/1/30_Henri_Barguirdjian.html)
Back to Russell’s piece, he discussed the primary bull market in gold and the fact that silver is extremely cheap compared to gold. He also pointed out that many countries are accumulating gold and do not want the price to run away from them to the upside.
One of those countries accumulating is China and the Chinese need an additional 3,000 tons of gold. The last thing China wants to see is a tremendous rise in the price of gold, but gold is a tiny market. As the army of people around the globe trading in their paper money for gold and silver continues to increase, western central banks and the Chinese are coming to grips with the fact that the gold market is becoming increasingly difficult to manage.
To read the Russell piece in its entirety here is the link from 321gold:
http://www.321gold.com/editorials/russell/russell042610.html