pansyed

Why Gold Miners Aren't Glittering

There is a problem when anyone says GLD added gold. The transfers of gold cannot be and has not been verified or observed it just magically happens. There is no audit of the gold. So is it a paper transaction such as a derivative, a loan? What makes this an honest investment that does not make one think of Madoff?


On Feb 27 08:41 AM The Mad Hedge Fund Trader wrote:

> ab d Gold finally hit a wall just above $1,000, and instantly melted
> $80. For many traders who got in just above $700 three months ago,
> it’s time to say thank you very much to Mr. Market and either wait
> for a substantial pull back, or go on to the next trade. It was taking
> increasingly larger purchases of physical gold by ETF’s and coins
> by individuals to push the price up. CME statistics showed the speculators’
> position soared to a net long of 215,661 contracts ($21.5 billion).
> The SPDR Gold Trust ETF (seekingalpha.com/symbo...) added
> five tonnes of the barbaric relic to 1,029 tonnes in just one day.
> The turnaround neatly sets up a double top on the long term charts
> with the high set last year. It may take a couple of more runs, and
> more bad news, which seems in abundant supply, to get the yellow
> metal to a true new high.