"you may have a point, given that 400 tonnes was brought to market simultaneously by a army of sellers"
There's no evidence for that BG, it's another one of those internet rumours isn't it?
If that 400t dumping actually happened we'd have seen open interest surge higher, by 129,000 contracts or so. But this didn't happen.
Instead former longs (speculators) switched and went short instead, and OI remained about the same. At the same time former longs sold bullion and the Chinese are saying thank you very much.
If China couldn't get this bullion then there really would be a shortage, and I'd be complaining too.
However, Hercules is laughing and I'm with him. How the heck can Westerners be so stupid?
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