Insider Buying

Spoke to my gold dealer in New York yesterday and he said the the next wave of gold demand is about to begin. His office is in the Wall Street district and is two doors down from HSBC Bank, a large gold depository that covers an entire city block.

Anyway, he said a very high up Sr. Exec from Goldman Sachs yesterday and bought 1500 ounces of gold for his personal account.

When the insiders start to turn to gold, you know something is up. Especially when those insiders are in a business that is in direct competition for gold. Looks like they are scared and running for cover.

By the way, HSBC Bank houses my clients' gold that is purchased through IRAs. When my dealer was over there yesterday in the depository that is three football fields long, he said he had never seen it so full.

The last two days Wall Street has been shorting gold and forcing the price down, but this can't go on forever. Whenever they finally give up the ghost, this thing ought to get real fun.