“We had a tremendous fall in Comex gold inventory in January, and this was ahead of the busy delivery month of February. So this demand for physical metal continues. These type of things will matter at some point. If you look at one of the currency charts of an Argentinean currency, clearly something that had been going wrong for a long, long time suddenly mattered to people. We also saw an ETF that was denominated in Brazilian real lose 90% of its assets in a week. Now, no one can tell me something happened in Brazil that day which meant there should be a 90% collapse. It’s just something that didn’t seem to matter, all of the sudden mattered.
I think something similar is going to happen with gold. One day people are going to want physical gold and it’s suddenly going to matter because they can’t get it -- they can only get paper. When that happens, you will see a massive reset higher. The fact that it hasn’t happened yet doesn’t mean it won’t. When the chaos really breaks loose around the world, it won’t matter if people bought physical gold at $1,500 or $1,250, they will just be glad they own it.”