Following a report that “China’s gold production is expected to rise by more than 10% in 2011 from a year ago period,” a Reuters analysis quotes a Shanghai jewelry store manager as saying that “The surge in prices has sparked another gold-buying craze. The 50 gram and 100 gram gold bars were selling like hot cakes,” with gold sales in August up at least 30 percent from a year ago. And Sprott Asset Management’s John Embry tells King World News that investors who were shorting into gold’s drop “were unaware of the condition of the physical market. The premiums all over Asia have blown out to the upside and I think the Vietnamese premium was the largest I’ve ever seen. Big premium in Shanghai, Indian premiums blew out to positive levels, that’s all indicative of physical buying.”
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