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The price of gold may be moving love and our next guest says she doesn't matter that you are buying more of those gold Cohen is joining us from Dallas is David was so I'll -- weeks dot com.
Buys less defined the things -- David you on not a -- that you don't you don't grinding any -- to buy or sell Liz stuff your an objective report on the -- is that correct.
That is scripture -- do not buy and sell gold America -- okay good.
I -- hard numbers.
Tell me about the increasing demand for gold -- Well the United States government sells the American gold eagle and they release monthly numbers.
Are there numbers dropped off on the sales in December which is typical during the holidays January they were up over -- 150000.
Ounces of February is only halfway through they have over 60000 ounces sold so far.
-- I have to admit last week when the price of gold dropped and I heard some of the analysts on some of the financial stations saying that.
Gold had seen its day in the market had turned I admit I was a bit amused because.
The price of gold when it's affected in the short term like that is affected by the commodities prices -- The actual buying and selling where people are physically taking possession of it takes place to -- stores and our retailers of gold -- -- I when I talk to the traders in the room selling those.
When gold had dropped they said it was like a -- house that it was insane people were -- more Koreans more physical gold during the drop in gold.
Because it wraps represents a buying opportunity.
Your number is relate to the official United States gold one ounce Cohen correction is in -- 150000 ounces in December.
It is there any evidence I decided I didn't do drugs is there any evidence that although gold coins.
Canadian maple leaf for example or Chinese panda coins are they.
So also selling strongly as the price went down.
Job don't have the exact researcher that because not all countries are as forthcoming with their information.
Plus relationships for getting that information.
But from the reports from traders that I talked to it depends on the part of the world -- -- -- United States American gold Eagles are most popular.
The Asians prefer -- -- that are 24 -- of -- more in line with the Maple -- The Chinese panda but yes all around the world the physical possession of gold from the different countries is at least equal are consistent with what it is -- That the individual gold coin via seems to believe them when prices go down -- -- -- mall seems to believe.
The gold is bottoming out now on earlier that you don't trade this stuff would give me an opinion is gold bottoming out to around 1550.
And goes up from here what do you think.
Stuart you're right on the money 1550 is the support line.
That is the -- the traders look at that it has been tested.
Times I think it -- at one time in the last year 1548.
Perhaps the 1550 is pretty much the bottom that is looked at -- Look at look at look at ourselves sitting just waiting for the news of what the money supplies going to do.
The countries of the world and the individuals of the world look at gold as a protection.
It is an asset that is non performing they put -- to -- you bury it in the backyard or -- stick -- -- your bank vaults.
It is the commodity that allows you protection in a time of economic uncertainty.
-- right -- so objective observer of the gold market tiger much -- appreciate it thank you thank you for.
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