Interviewed by CNBC’s Bob Pisani, the World Gold Council’s Managing Director for Investment, Marcus Grubb, says: “Of all the gold, about 166,000 tonnes, Indian jewelry is estimated to be about 18,000 tonnes. To put that into perspective, the (US Federal Reserve *) has total reserves of 8,133 tonnes. Indian Households, mainly Indian women, hold more gold than the U.S. Federal Reserve.” (sic)

*Of course Grubb meant to say the U.S. Treasury, right?

Grubb cites demand for physical gold as a primary driver of the market. He sees strong demand for physical gold and ETFs in Q3 and assets that gold is not in a “bubble.” -- Gene Arensberg

Source: CNBC Video

http://video.cnbc.com/gallery/?video=3000040103