Tuesday, December 6th, 2016 MST

Singaporeans line up to buy gold

May 23, Richard Russell of Dow Theory Letters posted in his Daily Remarks the below email from a subscriber in Singapore. While it is anecdotal, it illustrates the growing interest for gold in Asia, which is awash in dollars.

Dear Russell and Company,

Yesterday, after reading your comments about gold being manipulated in the crudest way, I went to a bank in Singapore to see what, if any, gold activity there was. The bank had arranged a rope line (new) to handle the volume of people, at which I waited 45 minutes in a queue to approach the “Gold Window.” Once at the window, your order would be taken and then you would be directed to what amounted to several rows of chairs to await your order to be filled. All of this was new since my last visit about a year ago.

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As you can see from the photograph, 100 gram gold bars and 50 gram gold bars were sold out. The only things available were a few one ounce coins, but plenty of kilo bars. We saw several people bringing in suite cases with roller wheels. I asked what that was for, the reply was their orders were too heavy to carry by hand. I asked if this was normal, the answer was yes. The whole situation was interesting to watch.

So maybe the money managers are selling paper gold, but individual investors are buying physical gold with both hands in Singapore.

Best Regards,
Stephen J., Singapore

2 Responses to “Singaporeans line up to buy gold”

  1. Hanna Zagal

    I heard that was good for gold investors in the USA because the American dollar is not strong here or abroad. I am correct in this or I need to be corrected? Thank you

    Reply
  2. Coin Monger

    They recognize when gold is on sale and take advantage of it. Certain Americans are also buying gold as fast as they can, while the price is down. The longer it is held down, the more rapidly it will rise when it does.

    Reply

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