When asked about the physical gold market, Hathaway responded, "It's tight.  I was just reading something on India yesterday.  Despite the Indian government's best efforts to dissuade the Indians from importing gold, because they want to improve their balance of payments, those numbers are very strong (for importing gold).

Imports into China through Hong Kong are running at a very strong pace.  So the physical market is tight, and as usual the selling is all paper gold on the COMEX."

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