And we're off to the races. Despite, or maybe thanks to, the relentless
collapse in paper gold prices, US retail continues to ignore the day to day
fluctuations in the stated value of the shiny metal (most of it driven by the BIS'
Benoit Gilson), and instead has learned to take advantage of every drop to
BTFD. As the US
mint website reports, the very first day of 2013 saw a whopping
50,000 gold ounce sales, and another 7,000 on the second, which is nearly the
entire amount sold by the mint in December, and just shy of half in all of
January 2012. Which in turn means that gold raids are now becoming
counterproductive: instead of disincentivizing retail purchases, they are merely
accelerating them, in the process leading to ever more paper to physical currency conversion.
The "trillion dollar platinum coin" may well be the dumbest idea around, but the
"one ounce gold coin" idea is rapidly becoming the most popular one, shared by
all who see that the only possible outcome for the "developed world" is more
ceaseless devaluation of every paper currency in the world.
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