Describing participant behavior in the physical bullion market, Andrew noted that, “We used to get 200 phone calls a day and now we only get 30 to 50, but we’re doing equal or greater volumes in terms of business. The order sizes now are much greater. Today’s precious metals investors are more sophisticated perhaps, and the smaller investors, the people who were buying it a few years ago when it was really getting noticed, have fallen by the wayside.”

Speaking towards the buying motivations of high-net worth individuals, Andrew added that, “The big money is afraid even if they’re unable to articulate what’s frightening them… There’s such a counterintuitive feel to what’s happening… and the sophisticated investor understands that precious metals have real value.”