Johnnie Ellington II May 31, 2016 at 7:28am · BlackBerry · Bankers have always front-run their clients. It is way to tempting not to do so when you make the market and you can see the client positions. The big traders are starting to wise up. They are a bit slow. You have to excuse them. Perhaps they were in the special-ed classes growing up. They trusted the big names and are starting to experience being screwed big time. The total gold bullion trade has averaged 4,000 tons annually for the past 10 years. One metric ton equals 32,150.7466 troy ounces. So we are talking about 128,600,000 ounces per year. The US Mint sells about 425,000 one ounce coins. This tend to put the bullion coins in perspective. About two-thirds is new mine production and one-third is recycled gold according to the World Gold Council. Jewelry accounts for about 50% of gold sales. About 9% of gold production is used in technology. Central Bank demand has fluctuated from 2% to 14% annually of total production. Including ETFs, investment demand accounts for about 33% of world production. This means you have a fresh supply every year of 128,600,000 ounces coming to the market. This is not all “investment”. If the retail trade in the economy slows, jewelry sales decline. That is the bulk of gold but the promoters want to make you think gold is suppressed solely by the bankers for nefarious reasons. There are other factors taking place. This is not all “investment” consumption.