- On the heels of more than a 4% rise in the price of gold this week, the SPDR Gold Trust (GLD +1.3%) saw a spike in gold holdings to 25.925M ounces as of Thursday, up 0.9% from the day before and the highest level since December 20.
- In the last month, says Julian Phillips of GoldForecaster.com, there have been so sales from the GLD and more than 500K ounces of purchases. “This is tremendously significant because sales of physical gold from these U.S. gold ETFs and from the leading U.S. banks totaled 1,300 metric tons in 2013 ... This formed a key source of supply for gold. All of it went east to Asia never to return again.”
- “The reduction in supply from the U.S., as these sales have now halted, is the prime reason the gold price is now rising,” he says, adding that it has nothing to do with U.S. economic factors.
- Previous coverage: Gold's big week and year (so far)
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