Gold Miner To Withhold Sales: "Storing It For The Long-term… Makes More Sense At These Prices"
By Tyler Durden
Submitted by Mac Slavo via SHTFPlan.com,
Last year, following an attempt to motivate the Commodities Futures Trading Commission into investigating rampant manipulation of gold and silver prices, the Chief Executive of one of the world’s leading primary silver companies called on other producers to withhold precious metals from the market in an effort to stem the fraud. He recently reported that not a single producer contacted him to do so. But as precious metals prices fail to reflect the growing demand around the world, one company in particular is actively preparing to do exactly that.
MX Gold Corp CEO Akash Patel and CFO Kenneth Phillippe say that they are positioning their company to stockpile between 20% to 30% of their physical gold production in coming months, noting that prices are nowhere near where they should be at current supply and demand levels. In an interview with SGT Report, Phillipe appears to be taking the stance of many precious metals investors, which is to stockpile the physical asset in anticipation of any number of potentially cataclysmic economic and monetary events like the hyperinflation we are witnessing in Venezuela.
We want to pull out the physical gold… We want to take this gold and we want to store it. We believe that having the physical gold in the vault makes a lot more sense than selling it at these prices. Gold is ready to move. We believe it’s going to continue to rise… we’re going to be storing our gold and holding it for the long-term.
This whole entire industry – the gold market – is fueled by the economies.
With the economies… the state that they are in right now… where they are continuously printing more money… This is why I understand most people would like to put gold into their portfolio… Because it’s clear to me that people have to take precautions against the unknowable future.
We don’t know what’s going to happen tomorrow. We don’t know if China is going to blow up. We don’t know what’s going to happen in the U.S. at any given time. They continuously keep printing.
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We truly believe that people in the United States are not investing into T-bills… government paper is just not what people want at this point in time… gold is liquid… under all these market conditions we truly believe investors are going to acquire gold. Owning the physical gold is the only way to see a major increase [in wealth]…
The United States has gone on for eight years consecutively… and they haven’t gone anywhere. Everything that’s going on in the world… they’re not moving forward… they continue to print paper and the paper is worthless.
Gold is the only physical value we see out there. We also have a lot of silver. We also have a lot of copper… which are the byproducts that will pay for our gold production.
…You use what you need to sell …read more
Source: Gold Miner To Withhold Sales: "Storing It For The Long-term… Makes More Sense At These Prices"
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