gold chat, page-402

paul,

Maybe it's manipulation in reverse. Indian gold demand is now a big fat zero, demand for gold eagles in the US is down 49% in July, Indian gold imports down 50%, Indian scrap sales up, China sales down, even the World Gold Council (if you can trust them) have admitted that worldwide gold demand is way down.

Goldbugs liked that John Paulson bought gold, but Paulson is taking a huge risk at the moment, here's something from Jon Nadler. Looks like very wealthy people aren't keen on Paulson's exposure.


'Albeit not receiving a lot of media coverage, the story that Citigroup’s Private Bank has decided to withdraw up to $500 million from long-time gold bull and prominent hedge fund manager John Paulson's flagship Advantage Fund, should also be taken into account by ebullient bullion bulls at this time. It was noted last week that as of the last required filings,

Mr. Paulson’s bets recently showed a 44% level of asset concentration in the gold and gold mining niche. Perhaps such a “skew” was a bit too…rich for the folks who are tasked with guarding the wealth of the mega-wealthy. Back in May, Citigroup’s private bank advised its clients not to add [any more] money to the Paulson funds, according to a person familiar with the matter.'