Bloomberg: Why London’s Gold Vaults Are Empty

Bloomberg’s Kenneth Hoffman reported on what to watch in the precious metals market in 2014. He spoke to Mark Barton and Anna Edwards on Bloomberg Television’s Countdown about what is actually happening to gold supplies. Kenneth comments that “You could go into a vault in London a couple of years ago and they would be packed to the rafters. You can walk into those vaults today and they are virtually empty. All that gold has been transferred out of London, over 26 million ounces. It’s gone to Switzerland where it has been recast into a higher grade and then shipped off into Hong Kong and China, never to return. The interesting thing is that if there ever is an interest in gold again, that gold is no longer there. The Chinese don’t want to have U.S. dollars anymore, they want to have gold.”