This is a very important precious metals update by Tom Cloud. Tom discusses the huge lines of people, two to three blocks long in Hong Kong this past weekend, waiting to buy gold and silver. He also discusses what is happening in his business as individuals are buying multi-million Dollar orders. He hasn’t seen this sort of large buying activity for years.
Tom also reports that there are delays already popping up in the wholesale market. Normally this takes place in September as buying picks up, but due to the BREXIT vote and the negative impacts on the European Banks, clients that are making large purchases of gold and silver which are causing delays for certain products. Tom discusses some of the products that are on delay from his wholesaler.
Tom also talks about various topics about buying and storing precious metals. Lastly, he mentions the upcoming SRSrocco Report Precious Metals Webinar with Tom Cloud, Vic Patane and I on July 20th.
We will discuss important and interesting topics in the precious metals industry and Tom will answer any questions SRSrocco Report readers send in or want to ask during the webinar. We will be advertising about this webinar shortly and provide contact information for those who want to send in questions.
Please check back for SIGN-UP information for the Webinar. Don’t mess it as things are changing quickly in the market.. This will be your opportunity to ask Tom any question about the precious metals and his industry.
Lastly, if you haven’t checked out our new PRECIOUS METALS INVESTING section or our new LOWEST COST PRECIOUS METALS STORAGE page, I highly recommend you do.
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I have been in Hong Kong for 5 decades and only started buying silver 6 years ago. You said that local people were lining up 2-3 blocks long to purchase silver over the weekend. I am a regular buyer of silver and I can say that (1) banks do not sell silver; (2) major coin / bullion dealers like Kitco HK does not provide service Saturdays and Sundays; (3) jewellery shops do not tend to sell silver products because of their sky high shop rents.
In Hong Kong, there was not even one newspaper today (Sunday) ot TV broadcast mentioning about yesterday’s phenomenon, if there was one. What I knew for sure was that the staff at Kitco HK office were so busy that they even had no time to take lunch. I have witnessed the fact that Kitco office was overwhelmed with customers at the most thinly traded hours.
The lines your sources saw might be for Mark-6 lottery because the pool was the biggest ever.
There is one thing for sure. Kitco HK has sold out its RCM 100 oz. Silver Bars. RCM 10 oz bars, my friend has to pay in order to reserve.