Loading ...The ‘Big Long’ – Goldman Sachs And HSBC Buy 7.1 Tons Of Physical Gold
Aug. 10, 2015 3:40 AM ET | 9 comments | Includes: GLD, GS, HSBC, IAU
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More…)
Summary
• On August 6, 2015, Goldman Sachs, which has issued very bearish forecasts on long-term gold prices, took delivery of a 3.2-ton purchase of physical gold.
• On August 6, 2015, HSBC which also claims to be bearish, took delivery of a 3.9-ton purchase of physical gold.
• In both cases, the purchases are registered as being for the benefit of the bank’s own house account, rather than the accounts of customers.
• Investors should do as the banks do, not as they say.
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