something does not add up, page-20

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    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

 
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