Gold Can’t Be Found In Europe At The Retail Level
As retail business picks up once more in the United States for gold and silver, in Europe, retail business has come to a screeching halt. But not due to lack of demand. Instead, reports are surfacing that there is no gold left at the retail level in Europe. While coin shops are definitely buying anything they can, they are not selling. First reports came in via Martin Armstrong. Then, another popular financial blogger chimed in:
I’ve been in Europe a couple of days now and one of my main goals here, other than protesting the G7, Bilderberg and visiting Liberland, was to find out if what Martin Armstrong wrote about – that there is a shortage of gold at the retail level in Europe – is true. What I’ve found is that, indeed, it is true, as in many European countries one is no longer able to buy retail gold coins for investment.
Shops are buying precious metals still, but no one is selling. Spanish banks that once sold gold to the public have shut down in Spain, and if people leave Spain wearing a lot of jewelry, authorities weigh and inspect the precious metals, as Armstrong reports.
Could the same thing happen in the US? Absolutely! But there are some major differences between Europe and US right now.
Mainly, the US economy has been showered with reports of an approving Economy. In Europe, news about a failing Greece has made headlines, with the northern powers unwillingness to budge on payment terms adding to the uncertainty. Under these conditions, demand in Europe for gold has remain strong as has the price.
When the US economy returns to 2008 conditions or worse I believe we will begin seeing significant changes that are similar to the reports coming out of Europe. Gold and silver will be difficult to get. Its been that way before. One need just look back to 1980 to see that.
There is still uncertainty however whether or not the reports are true. No Europeans have chimed in on the topic, which makes me skeptical. My thinking is, if you’re well-connected, you can probably still get gold, if even at a little bit of a premium.
For now, there is still gold in La Jolla, California, where United Coin & Precious Metals is located, nestled in west-central part of San Diego County. Demand is increasing, that is for sure. And when the economy starts getting topsy turvy, the perfect storm could coalesce.