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nearly every single bit of gold purchased in GLD at the initial implementation of QE has been SOLD.
They have been selling their holdings and buying equities
They have been selling their holdings and buying equities and look to continue doing that unless there is some sort of strong catalyst that changes the equation and thus the prevailing sentiment.
Comment:
For every sale there is a buy. Where the hell did all that gold go? Who bought it all out on the way down?
Did too many big GLD share holders who are entitled to redeem shares of GLD, for physical Gold like banks, take delivery?
And that “strong catalyst” that changes the equation would probably be the dollar being dropped to re-stimulate the US producers and exporters.
Every body, every country, every sector, all get a turn at pain and punishment. Equality, shareing ya know.