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Who is Draining GLD?

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  • derrybderryb Posts: 36,793 ✭✭✭✭✭
    It's just gold that is changing hands. It's not like the gold disappeared from the face of the earth.

    My guess is central banks, espcially China, are the new hands. The battle is on for a new world currency and China has voiced its opinion it should be the yuan. My guess is they are stocking up on gold in an effort to back the yuan. Any replacement to the US$ will have a much better chance of success if it is backed by gold. It will also help to have world wide support and China is working on that by making new friends in sourthern Europe with bailouts. Gonna be hard to say no to anything China wants down the road if you owe them a lot of money and don't have the world's strongest military.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • CaptHenwayCaptHenway Posts: 32,119 ✭✭✭✭✭
    When you are on a sinking ship, do you want a lifeboat, or a promise to deliver one lifeboat at some time in the future?
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • 57loaded57loaded Posts: 4,967 ✭✭✭


    << <i>When you are on a sinking ship, do you want a lifeboat, or a promise to deliver one lifeboat at some time in the future? >>



    i think your sig line is PRICELESSimage
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