Mr. Turk references 2008 on three occasions in these two statements. In the past seven years, what must be understood is everything has changed. Everything is far worse than it was in 2008. Consumer debt is much higher, student loans
If you own the gold you are in a much better position than if you don’t own the gold
We’ve got this huge accumulation of I.O.U.’s around the world expressed in global reserves and a lot of the global reserves, the I.O.U.’s,
That is basic economics 101. The United States
I think London has been pretty much emptied out – I don’t think there’s a lot gold left in London that’s available for shipment elsewhere. – James Turk, Shadow of Truth
The rate of the flow of gold from western bank and investment vaults into Asia accelerated in the first quarter of 2015. India just announced that it imported 125 tonnes of gold in March, more than double the amount imported in March 2014. And 625 tonnes of gold
Just from combined demand from India and China, there is a supply deficit of gold. In fact, the global gold market has been functioning with a supply deficit since at least the mid-1990’s. Frank Veneroso was the first analyst/consultant to figure this out based on conversations in his meetings as a consultant with the world’s Central Banks.
GATA picked up on Veneroso’s work and began a campaign to educate the world about the
James Turk has been a long time consultant to GATA and, in my opinion, knows as much about the global gold market as anyone. Turk was the first analyst to look at the original GLD prospectus in 2004 and conclude that it was little more than paper gold:
The GLD prospectus is quite clear that the shares are not backed by gold. It says the structure was designed to track the price of gold.
Dave Kranzler (Investment Research Dynamics) and I hosted James Turk on our Shadow of Truth project. We cover the latest developments in the Greece/EU saga, the condition of “