Bloomberg Interview of Peter Hambro - Must Watch
A big hat tip and thank you to our pal, Koos Jansen, for spotting this and tweeting it out earlier. With all of the continuing stories of exhausted western gold supply, you need to see this interview from earlier today. Peter Hambro is Chairman and Co-Founder of Petropavlovsk, the second-biggest gold producer in Russia.
First, here's the link to Koos' article from earlier Thursday. Be sure to read it. https://www.bullionstar.com/blogs/koos-jansen/its-virtually-impossible-t...
Some quotes from Mr. Hambro during this astonishingly frank, 4-minute interview:
- "That is real gold. The alternative is paper gold...other people's promises. That is nobody's promise."
- "The price of gold doesn't vary, it's the price of the promises that vary."
- "Are you sure it's as good to have Comex futures as it is to have the real thing?"
- "It's virtually impossible to get physical gold in London to ship to China and India."
- "There is no physical about. Instead, there are endless promises."
- "I really worry that that paper market is something that could be stamped upon and people say 'sorry, we're going to have a financial closeout' and it's all over. If you want to be in the gold business, you want to be in the physical business."
The interview concludes with Mr. Hambro giving his thoughts on Fed policy and next week's FOMC.
This is an incredibly honest interview and I'm quite amazed that it actually aired on Bloomberg. Please take the time to watch.