"The United States government sells the American gold Eagle and they release monthly numbers," David Lisot of Coin Week tells Fox Business in a Feb. 26 interview.
"The numbers dropped off in the sales in December, which is typical during the holidays. January they were up over a 150,000 ounces. February's only halfway though -- they have over 60,000 ounces sold so far.
"And I have to admit: Last week when the price of gold dropped and I heard some of the analysts on some of the financial stations saying that gold has seen its day and the market had turned, I admit I was a bit amused, because the price of gold, when it's affected in the short term like that, is affected by the commodities prices. The actual buying and selling where people are physically taking physical possession of it takes place through coin stores and retailers of gold coins. When I talk to the traders in the rooms selling those when gold had dropped, they said it was like a madhouse, it was insane. People were buying more coins, more physical gold during the drop in gold because it represents a buying opportunity. ...
"All around the world the physical possession of gold from the different countries is at least equal or consistent with what it has been. ... $1,550 is the support line, that is the one that traders look at that has been tested three, four, five times. ... $1,550 is pretty much the bottom that is looked at. Just look at ourselves today waiting for the news of what the money supply is going to do. The countries of the world and the individuals of the world look at gold as a protection. It is an asset that is nonperforming. They put it away. You bury it in the back yard or you stick it in your bank vaults. It is the commodity that allows you protection in a time of economic uncertainty."
"The numbers dropped off in the sales in December, which is typical during the holidays. January they were up over a 150,000 ounces. February's only halfway though -- they have over 60,000 ounces sold so far.
"And I have to admit: Last week when the price of gold dropped and I heard some of the analysts on some of the financial stations saying that gold has seen its day and the market had turned, I admit I was a bit amused, because the price of gold, when it's affected in the short term like that, is affected by the commodities prices. The actual buying and selling where people are physically taking physical possession of it takes place through coin stores and retailers of gold coins. When I talk to the traders in the rooms selling those when gold had dropped, they said it was like a madhouse, it was insane. People were buying more coins, more physical gold during the drop in gold because it represents a buying opportunity. ...
"All around the world the physical possession of gold from the different countries is at least equal or consistent with what it has been. ... $1,550 is the support line, that is the one that traders look at that has been tested three, four, five times. ... $1,550 is pretty much the bottom that is looked at. Just look at ourselves today waiting for the news of what the money supply is going to do. The countries of the world and the individuals of the world look at gold as a protection. It is an asset that is nonperforming. They put it away. You bury it in the back yard or you stick it in your bank vaults. It is the commodity that allows you protection in a time of economic uncertainty."
More information can be found online at http://www.goldbullionadvisors.com
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