something does not add up, page-20

Something does not add up....

Normally changes in GLD inventories are consistent with movements in the price of gold. On Tuesday this appeared to break down.

My thoughts:
1. The timing is out. GLD bought on Friday, but by Tuesday the market had moved on;
2. The influence of the actions of Gold ETFs is not as great as we think.
- On Friday GLD bought 8 tonnes of gold.
- On Tuesday CME turned over the equivalent of 770 tonnes of gold in the closing June contract.

Maybe we have been paying too much attention of ETFs....


Afterthought: Is Ourlady happy to buy gold at $9,000 an ounce? I am happy to sell some at that price... LOL