Loading ...I have some GOOD news for gold bulls fortunately – GLD share owners have been redeeming shares for gold all week long, as the price has moved up from below the $1200 level.
Simply put – the weak hands of investors/traders (margined futures gamblers) are moving money out of Gold futures and licking their wounds during this gold bottoming period.
Rallies in GLD are thus being viewed as redeeming opportunities for big GLD share owners that want physical possession, not trusting the managers on GLD. This is NOT what banks and gov’ts want to see.
For this year, 2014, reported GLD gold holdings have been WITHDRAWN by 38 tons from the start of the year ( 38.78 to be exact ) to 759.44 tons. This is the lowest level of physical Gold being in-trusted to GLD management, since December 2008!
That is NEARLY SIX YEARS AGO. Western-origin paper gold buyers demand continues to disappoint banks and gov’ts that years ago fooled little people into putting up the cash (finance) so banks and gov’ts could stock pile gold in their ETF management.