the puke indicator, page-70

hi KS, I read that article way back when it's published.

I am not talking about any of that, for example the point that GLD is only paper no gold. I agree with Hamilton that GLD does have the gold it claims.

Also the point that GLD redemptions are only in papers. Again I agree that GLD redemptions are for real gold, no conspiracy here either.

The point of difference is here:

Hamilton thinks that GLD inventory declines because investors are bearish gold and they are selling!

My point is that GLD inventory declines because investors prefer to hold real gold rather than GLD paper and also big money take advantage of lower price to buy GLD and get the physical through redemption. Now this is not bearish gold, this is bearish everything paper and bullish gold.