Loading ...“Dear Silverngold,
do you follow GLD gold holdings?
At the peak gold price, holdings were 826 tonnes.
Then it started going down all the way to 806 tonnes, as of Thursday night.
Just checked it now, and it stands at 812 tonnes.
So, it might mean Monday will be a good day for gold.
This was my answer to that friend:
Dear old Friend,
When Goldman Sachs first created GLD I checked their charter and learned there would be no audits allowed. and all their gold would be stored in some London warehouse location they would not disclose. My bet then, and now, is that they have NO GOLD and never had any. They were created IMO to take the pressure off the gold market, giving investors an easy way to buy gold but in actual fact their investments were used to manipulate the sector. My bet was and still is that all the gold held by GLD would fit into a small letter size envelope, and the only thing in that envelope is a piece of paper with some digits on it. So whether they show more or less gold only means they have more or less investor money to control the sector.
I think this correction is over and those who buy GLD are just fooling themselves. GLD is an ETF and ETF’s are nothing but derivatives, and derivatives are an uncontrolled market. My guess too is that when things go far enough against TPTB they will simply de-list GLD and screw all the fools who thought they were actually buying a piece of physical gold. Same with all the other ETF’s with the possible exception of Sprott who I still believe holds the physical.
That’s my 2 cents Old Friend. All the Best…. Silverngold