Paulson reduces holding in Gold SPDR by 1/3 could be bullish for PMs
and streamers / miners.
Many have said the PM etf's and some banks do not have the actual metals they claim to have in inventory.
The "gold and PM bugs" have said this for years.
Recently, with Germany demanding delivery and getting partial with the rest to follow over 7 years was the first time it was more than speculation. Why did they want possession of their physical gold? Why didn't they gat it all at one time?
Then, JP decides to exit the warehousing business, exit their short positions.
Is it possible, the SPDR doesn't have the physical it alleges?
Is oit possible the Federal Reserve has less in inventory than the books say?
All speculation, but Paulson could be simply re-arranging his AU holdings into different buckets,possibly fearing a Black Swan event where physical AND miners are more immune.
It's not like he doesn't believe in Gold. It's not like he doesn't read the COT reports. It's not like he doesn't know China is purchasing in record amounts. And he sees what's happening to the currency markets.
And he exits a huge position at the bottom? I don't think so.
This story, the PM story is just unfolding.