Draghi Sleeps Comfortably, China May Have More Gold: Vince Lanci

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Vince Lanci is back on Kitco News with a lot to say about the European Central Bank, China’s gold reserves and Deutsche Bank’s announcement to leave gold fixing. Lanci says he was not too surprised by ECB president Mario Draghi’s announcement on Thursday to leave rates unchanged. “Right now, there’s nothing keeping him awake,” Lanci says. “He’s sleeping quite comfortably, probably on the pile of Euros that he’d have to throw into the market if there was a problem.” Lanci also talks about China’s gold reserves and questions whether or not the reported values are accurate. “The market is starting to anticipate that China lies and under-reports,” he says. “And, if we don’t get a big increase to what is expected [from China] then the gold market might get a hit as a result of that.” Lanci expects China to continue to be a gold buyer. Lanci also touches upon the London fixing and questions Deutsche Bank’s decision to exit the fixing. Watch now for more of Lanci’s comments and what he expects for miners in the coming years. Kitco News, February 7, 2014.

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