Physical Gold Buying vs. Paper Fraud

An unlikely source, given HSBC's well-known manipulation of the gold/silver futures market AND the problems with their physical silver deliveries on the Comex and in London, the gold analyst from HSBC had this say regarding the character of yesterday's gold/silver market:

“For most of this year during periods of elevated sovereign risk and falling investor risk sentiment, investors tended to move into US Treasuries, which supported the USD. This in turn weighed on gold. More recently, heightened investor risk aversion associated with growing sovereign risk in the euro zone has been supportive of gold. This may indicate that gold’s safe-haven attributes are beginning to trump its currency-hedge attributes. This may be an important development, as sovereign risk until now has acted as a drag on goldprices. If continuing sovereign risk concerns are more likely to elicit stronger safe-haven buying in gold than currency-related selling, then further sovereign risk concerns may be bullish for the bullion market.”

It is becoming more readily apparent to anyone observing and participating in the trading/investing of gold and silver that the physical market is beginning to overwhelm the fraudulent, fractional bullion practices of the Big Wall Street Banks.  This is a scandal that ultimately looms much larger than anyone realizes and will take gold and silver to prices that will shock even astute, long-time precious metals market participants.