Lind-Waldock Senior Account Executive Tony Klancic was quoted in the Wall Street Journal today in an article titled, “Worried Investors Want Gold on Hand.” Investors are so distraught about the prospect of economic collapse that they are buying gold in any form they can, including taking deliveries from the New York Mercantile Exchange’s COMEX division. Last week, gold futures peaked above $1,000 an ounce.
According to the WSJ article, rising delivery orders have kept Brink’s Inc., a major carrier for the Comex, busy. The Richmond, Va., company said it saw a large spike in clients shipping gold and silver from the exchange over the past few months.
Tony Klancic, an account executive at Lind-Waldock, a Chicago commodities brokerage, says he has been taking calls since September from individual investors wanting to buy physical gold.
These are “real people in rural America with money under the mattress, and wealthy individuals coming to the futures market strictly intending to take delivery,” Mr. Klancic said.
Futures trading involves the substantial risk of loss and is not suitable for all investors.