For US Gold Eagle coins, mint sales are up some 150% from the QE3 announcement on September 13th. Despite what the spot prices show, there has been a tremendous surge in people buying physical gold.
But why hasn't this translated into higher spot prices?
Gold will move up in price but when is not easy to tell, I am bullish on goldstocks they will go up in price better buy now when they are cheap.
The very fact that the world’s leading central banks have retained their gold (even though the leading ones sold some of their gold) confirms their statement embodied in the Central Bank Gold Agreement statements that, Gold remains an important reserve asset.
The leading central banks who sold up to 50% of their gold reserves are being reminded of it frequently. Those who sold 20% under these agreements regret it, but those who signed the agreement but never reduced their reserves by sales into the open market, such as Germany, are smiling on both sides of their faces. But even the more reckless sellers of gold such as the U.K. and Switzerland have watched what’s left of their gold reserves multiply by six times as defined by the U.S. dollar.