Round Table Interview w Philip Judge, Simon Heapes, Alex Stanczyk

Audio of our recent round table discussion after the most recent trip to Switzerland for the annual gold audits has been posted.

At the PGF website (Flashplayer only):

At the AFE website (downloadable MP3):

Topics covered:

* Summary of physical gold flow 2014
* Chinese gold demand
* Price of gold has dropped below cost of production
* Gold in Backwardation
* Negative Gold Forward Offered Rate
* LBMA will no longer report GOFO as of Jan. 30th 2015
* The refineries are the core of the industry
* Difference in market today vs 90?s
* Potential for mining companies to start shutting in production
* Structual problems with physical gold supply
* Demand by country
* Difference between the physical and paper market
* Swiss refinery running 3 shifts, 24/7
* Currently delivery delays of up to 6 weeks due to physical scarcity
* Mis-match between physical tightness and pricing will result in dramatic price change to clear
* Premiums for rapid delivery
* The mindset of the eastern versus western investor
* New generation of futures traders are unaware of the physical industry
* Focus on the physical as derivative reference indicators may no longer be accurate
* Market narrative and sentiment by demand spheres or regions driving price