I told you Portugal, Italy and even Greece will be dumping Gold
So please pat me on my back and buy some more DZZ or short GLD if you want to retire at fifty.
While Cyprus’ gold reserves are relatively tiny (13.9 metric tons according to the World Gold Council), market participants fear the possibility that Mario Draghi and the ECB may force others like Portugal and Greece (and maybe even Italy, which has the world’s third largest gold pile) to sell, as Dennis Gartman of the eponymous newsletter explained:
If Cyprus is forced to sell gold, then Portugal shall be too, otherwise the discrimination against Cyprus shall be wholly unwarranted and utterly unfair. And if Portugal is forced to sell, then how can Italy avoid the same fate…or Greece for that matter.