From last week's Longs, Shorts, and Mini-Skirts:
As you know from last week, while Americans were bailing out of the gold shares, they started buying so much of the the physical metal that the US Mint ran out of gold coins. Evidently, Chinese consumers were also buying $16 billion worth of the medal at the bargain prices. Stocks of gold at banks are decreasing as people take physical possession of the metal.
Disclosure: I am short UGL.
Additional disclosure: I am long gold.