I will keep an eye on this story that trucks are speeding out of Manhattan filled to the brim with gold, because it seems relevant to the story that the U.S. Mint is suspending sales of its bullion coins. It will likely fuel the price of gold which is already at record price levels. The story also seems like it could potentially be related to an article I wrote many months ago where I discussed the rumor that Germany had demanded the return of its gold being held by the United States of America.
Source: The Wall Street Journal
Image Source: David Dees
Fleets of armored trucks piled with gold bars and coins have been streaming out of midtown Manhattan in one unexpected consequence of the gold craze.
Amid gold's rise -- it has gained 32% this year and reached a record on Monday -- investors have been loading up on bullion and coins. One big problem now is where to store it. The solution from HSBC, owner of one of the biggest vaults in the U.S.: somewhere else.
HSBC has told retail clients to remove their small holdings from its fortress beneath its tower on New York City's Fifth Avenue. The bank has decided retail customers aren't profitable enough and is demanding those clients remove their gold to make room for more lucrative institutional customers.
Source: The Wall Street Journal
Image Source: David Dees
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