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I popped in to the city on Tuesday to meet with bullion dealer, and he told me that they are currently getting smashed, and that they had a 2 to 4 week wait for coins and bullion, albeit mostly for silver. He said that the Perth Mint just can't pump the stock out quick enough. I asked him if the Perth Mint had enough reserves to keep up with demand if it keeps going this way, and he just said there is no way to really know for sure.
Working for a bullion dealer, I assumed he would be your typical gold bug, but he was actually quite a conservative fellow.
I asked him who was buying at the moment. He said he gets a lot of crazies, the doomsdayers that think the world is going to stop and that gold will become the new world currency. He said that he doesnt subscribe to their same levels of fear, but estimated that the price of gold would be between $5,000 and $6,000 within 3 years.
He said he wasn't going to suggest gold is going to go to $50k or $60k an ounce, although he said it in a way that led me to believe that he had done the valuations, which put it at that price, but he was too conservative to declare it.
As I was about to leave, he said to me. Actually, we had one of our regular buyers come in last week, he holds quite a few million in both Silver and Gold. He said the crazy thing is though, this guy is one of the heads of ******** Bank, and they don't push Gold or Silver as an investment option to their customers.
So I came home on Tuesday night, and did some googling, and I found an article from only a few months ago, where this same bank had come out and declared that gold had peaked and would go below $1200 by the end of the year.
Now I won't name this bank on the forum, as I don't want to risk getting the gentlemen in trouble, but more than happy to chat further to anyone who wishes to email me.
