Also of interest was the mysterious Goldman Sachs call to SHORT gold yesterday. And wasn't it a few weeks ago, the Dutch asked for their gold holdings to be moved closer to home? There is something fishy going on, just not sure exactly what it may be. Perhaps the Fed and BOJ printing at will is giving some folks the jitters about fiat currency?
Largest withdrawals were from JPM warehouse. If people are now taking delivery of the gold instead of leaving it in storage, that's a game changer. Kyle Bass bought something like a million dollars of gold for a school in Texas and said when he asked the Comex boys about the fact that gold contracts far far outweight the amount of gold on hand to cover them, they told him they never had to fulfill deliveries much more than 4% or so in the past. He asked them well, what if everyone suddenly wanted their gold? They told him don't worry, that never happens. He took possession of the gold.
I'm saying this is related to Cyprus in some manner. Big money (could be dark but it doesn't matter) wants a storage of wealth out of the reach of the system. One month a pattern not but next months data will be very interesting to watch.
I am not a "gold bug" by any means but won't the gold miners put a floor on the gold price just due to production costs, which are something like $1350/oz? I don't see it going much lower. Interesting info regarding the futures.
They are not dumping......they are taking possession and there are more contracts sold than physical gold exists..........that is a very bad thing to sell what you don't own........ kind of like fractional banking..... you take in X and loan back out 10X