Here in Bangkok literally every gold shop is out of physical gold. I went and bought 80% of one shop that had some, and the rest got bought immediately by other customers. If there is sell pressure you would see Thai people line up at gold shops and dump their gold. It's one of the main investment instruments here and I don't hear of any wide spread selling.
I think whats happening is china is buying up all the physical supply in the global markets.
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