CNBC Jane Wells: Who’s Going For Gold?

CNBC Jane Wells: Who’s Going For Gold?

CNBC’s Jane Wells was at California Numismatic Investments Inglewood, CA location to report on the state of Gold.  Vice President of CNI- Ken Edwards was featured.  If you missed the live broadcast, it can be replayed at the link below. 

please go to URL: http://video.cnbc.com/gallery/?video=3000179032

 

Who’s Going for Gold? Thu 27 Jun 13 | 11:49 AM ET

The following transcript has not been checked for accuracy.

gold has been hit hard we know and there were huge price swings yesterday. it fell over 3.5% to its lowest level in three years. sor the people who own physical gold also heading for the exits? jane wells wept to find out and joins us now with more. jane? hey, kelly, this sheet is worth about 25 grand. that’s a lot less than when i was last year here. they’re getting ready to open the doors in ten minutes and volume has spiked as it always does when they see the big price swings. when we were last here gold was around $1,360. back then we saw over two-day period here a guy who had a whole bunch of gold, he unloaded about $7 million worth of it. he’s not yet returned to come buy it back. but kenny edwards say they are seeing buyers who now think gold is a bargain and believe even if it drops to $1,000, they feel inflation will be an issue and will drive prices back up. the chinese are buying, the indians are buying, other central banks are still buying. i don’t see it going a lot lower but you never know in the short run. there is some selling going on, particularlld, but it’s no the as heavy as you might think especially in the physical market where gold and metals are much more important component of their existence than just an investment. a survey of jpmorgan — by jpmorgan of gold investors shows that 44% believe the price of gold will go up in the next 12 months. now, that is down from over 70% of investors who believed it a year ago. one change here se were last here, back in april they were buying gold at $25 over the spot price, selling it at $75 over. those premiums have come down. they’re now buying at about $10 over and selling at $55 over. jane, that’s a lot of gold — gold worth a lot of money you’re holding there. i wonder as well because i was covering these gold parties going back a year or two when women would have at their houses these — you could bring your jewelry and then they’d weigh it, do you get a sense, are ecdotally fallen by the wayside. the gold parties are not the big thing but they have a line of people, there are people who see this now as a buying opportunity. really when he says when you see a lot of selling going on is back when gold is up at $1,800. we’re certainly a ways from there. jane wells with the buffalo gold coins. thanks. let’s get to this bullish

URL:http://video.cnbc.com/gallery/?video=3000179032

This transcript is generated by automated closed captioning, has not been edited, and may not be entirely accurate.
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CNBC- Some Buyers Are Currently Looking At Gold As A Bargain

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