Comments on: Notes from Mumbai http://dailyreckoning.com/notes-from-mumbai/ Entertaining Ideas on the Economy, Markets, Gold, Oil and Investing Strategies. Fri, 10 Feb 2012 18:49:19 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: JMR Alan Greenspan http://dailyreckoning.com/notes-from-mumbai/#comment-33027 JMR Alan Greenspan Mon, 19 Oct 2009 02:55:08 +0000 http://dailyreckoning.com/?p=19286#comment-33027 Last week I paid a visit to our local gold bullion dealer. Black market, of course, the kind of dealer who supplies small jewelry makers in our third wolrd country. "Yesterday a guy was here in suit and tie", he told me, laughing. Not his usual customer. He didnt know I also wear suit and tie, but never when I visit him. "Came in with security guys watching his back. He bought all the bullion I had" he continued. "$20 grand worth of it, paid cash. And he said he would be sending someone next week for another buy". Our dealer seemed happy but puzzled. "Can you imagine? With gold this high? Why would someone buy so much?" he said. I laughed and made my usual purchase, letting the guy think I am also a jewelry maker, as I always have. $1300 an ounce? Double that, my friend. Last week I paid a visit to our local gold bullion dealer. Black market, of course, the kind of dealer who supplies small jewelry makers in our third wolrd country.
“Yesterday a guy was here in suit and tie”, he told me, laughing. Not his usual customer. He didnt know I also wear suit and tie, but never when I visit him.
“Came in with security guys watching his back. He bought all the bullion I had” he continued. “$20 grand worth of it, paid cash. And he said he would be sending someone next week for another buy”. Our dealer seemed happy but puzzled. “Can you imagine? With gold this high? Why would someone buy so much?” he said. I laughed and made my usual purchase, letting the guy think I am also a jewelry maker, as I always have.

$1300 an ounce? Double that, my friend.

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