Today a legend in the business told King World News there is a continued massive run on physical gold and silver as premiums in Shanghai have now soared to a stunning level (see below) for physical gold. Keith Barron, who consults with major companies around the world and is responsible for one of the largest gold discoveries in the last quarter century, also spoke about extraordinary situations unfolding at gold, silver, and art auctions in New York and Zurich, and what this means for investors. Below is what Barron had to say in this remarkable interview.
Barron: “I’m at an auction today in Zurich (Switzerland) of ancient Greek and Roman coins. The most expensive item so far has gone for 800,000 Swiss francs. The auction is shattering all of the previous records. I think this is very significant.
Also, today in New York Christie's had a contemporary art auction and they sold $495 million of art. That’s the highest total in auction history. They established 16 new world auction records. Nine works sold for more than $10 million, and twenty-three for more than $5 million....
This is very symptomatic of what’s going on. We see a lot of manipulation taking place in the gold and silver markets, but the big money is going for portable wealth, and they are doing that in the form of buying hard assets. They are getting it out of dollars and other paper currencies, and they are putting it into tangibles, especially portable wealth.
