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$1,391.7 gold futures

"The GLD Gold Vault is Being Drained", page-83

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timber1956

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26/10/14

00:26

Post #: 14182092
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Originally posted by Durk ↑

Thanks for that All4one,

I cud not see how Skol was thinking the drain on the vaults was a weakening factor for gold. I think 700 odd tons they claim to have in their vault is questionable too, there are a lot of people that believe it's a lot less. I know shanghai is low on silver reserves too at the moment. The CEO of one of the worlds largest silver producers AG has said they are withholding 1 million oz (35% annual) in protest to the ridiculous silver prices caused by manipulation, he is trying to get other miners to follow suit and bring the CB/FED game to an end

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Durk

"I cud not see how Skol was thinking the drain on the vaults was a weakening factor for gold."

So GLD is selling its gold, and emptying its vaults, so who bought the gold?

- If it has been purchased by another long term investor, then the impact on the price of gold in neutral.
- But if (as is more likely the case) it has been sold to short term trader (AKA a LBMA price maker) the gold is now for sale and its presence in the market will weigh on the price.

I don't think there is much doubt about who has been buying the GLD gold over the last three years....
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