For those who can grasp this, it is breathtaking. "The metal that came out of the GLD and other gold inventories [In the first half of 2013] was, obviously, bought by someone (I contend that JPMorgan is the prime candidate). There are two factors here – investor liquidation in GLD (and not in SLV) and, separately, the requisite purchase of the shares or the metal by counterparties. The reason so much gold came out of the GLD was that by buying it as metal first converted from shares of the ETF, JPMorgan could buy it without publicly reporting ownership, as they would have had to do if they purchased the shares of GLD that were sold. In SLV, there was metal bought by JPM on liquidations, just nowhere near as much (in dollar terms) as the gold that was liquidated in GLD." - Silver analyst Ted Butler...03 July 2013
Posted on: Thu, 04 Jul 2013 23:56:29 +0000
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