filipo's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.com/user/586890/comments http://seekingalpha.com/article/1456021/comments?source=feed#comment-19164921 19164921 I also heard some people say "there's too many people right now".
I don't know who has it right, but maybe there's just more gold because there are more people.]]> Thu, 23 May 2013 11:33:16 -0400 I also heard some people say "there's too many people right now".
I don't know who has it right, but maybe there's just more gold because there are more people.]]> http://seekingalpha.com/article/1456021/comments?source=feed#comment-19164871 19164871 Everything depends on how you define "a long long time".]]> Thu, 23 May 2013 11:31:29 -0400 Everything depends on how you define "a long long time".]]> http://seekingalpha.com/article/1456021/comments?source=feed#comment-19164761 19164761 My pleasure.
You are also right as far as the implication of Chinese and Indian growing wealthy class concerns.
One could also add Indonesia, the Philipines...
In fact, one who invests in gold, speculates on the growing world GDP, a speculation that in fact is rather obvious to make since a world economy with no major conflicts and with growing global GDP numbers, has only one way to go: up.
Of course, that is equally an argument for investing in equities and indeed, that's the reason why I'm still highly bullish the RIGHT equities, which, as an aside, isn't so easy to define. To figure out what are the right equities, one needs to make more homework (or have more luck) than to buy gold.]]> Thu, 23 May 2013 11:29:07 -0400 My pleasure.
You are also right as far as the implication of Chinese and Indian growing wealthy class concerns.
One could also add Indonesia, the Philipines...
In fact, one who invests in gold, speculates on the growing world GDP, a speculation that in fact is rather obvious to make since a world economy with no major conflicts and with growing global GDP numbers, has only one way to go: up.
Of course, that is equally an argument for investing in equities and indeed, that's the reason why I'm still highly bullish the RIGHT equities, which, as an aside, isn't so easy to define. To figure out what are the right equities, one needs to make more homework (or have more luck) than to buy gold.]]> http://seekingalpha.com/article/1456021/comments?source=feed#comment-19155461 19155461 You completely miss the point.
Robert Blumen ("What is key for the price formation of Gold ?") already pointed out how the gold price behaves and how little mining supply has to do with that:
http://bit.ly/WnAFzp
So your intervention really does not tell anything new.
I won't answer for the author of this SA article, but I might think he's well aware of the reality of gold price formation as has been defined by Blumen and others too on this SA forum, myself included.

What is important to understand though, is the psychological effect of gold mining "shortage/oversupply" (in reality: "decrease/increase") on price formation.
Although gold mining only accounts for 1.3% of total potential gold supply, it's psychological relevance indeed is VERY important. I explain myself.
If people know there's going to be a decline of mining supply, they see this as a strong argument to start hoarding. If on the other hand people acknowledge there's an increase of mining supply, they see this as a strong reason to sell.
In the first case the gold price rises accordingly, in the second case, the price goes down.
I give you one example: when the news brings out rumor of a new workers' strike on the brink of formation in SA gold mines, the gold price inevitably shoots higher. Although the 7% South African share in gold mining supply is very small and 7% of 1.3% is even smaller, the psychological effect is nonetheless enormous.

That's why I call this article of the Laptop Investor very sound and relevant and your remarks not to the point.]]> Thu, 23 May 2013 08:23:23 -0400 You completely miss the point.
Robert Blumen ("What is key for the price formation of Gold ?") already pointed out how the gold price behaves and how little mining supply has to do with that:
http://bit.ly/WnAFzp
So your intervention really does not tell anything new.
I won't answer for the author of this SA article, but I might think he's well aware of the reality of gold price formation as has been defined by Blumen and others too on this SA forum, myself included.

What is important to understand though, is the psychological effect of gold mining "shortage/oversupply" (in reality: "decrease/increase") on price formation.
Although gold mining only accounts for 1.3% of total potential gold supply, it's psychological relevance indeed is VERY important. I explain myself.
If people know there's going to be a decline of mining supply, they see this as a strong argument to start hoarding. If on the other hand people acknowledge there's an increase of mining supply, they see this as a strong reason to sell.
In the first case the gold price rises accordingly, in the second case, the price goes down.
I give you one example: when the news brings out rumor of a new workers' strike on the brink of formation in SA gold mines, the gold price inevitably shoots higher. Although the 7% South African share in gold mining supply is very small and 7% of 1.3% is even smaller, the psychological effect is nonetheless enormous.

That's why I call this article of the Laptop Investor very sound and relevant and your remarks not to the point.]]> http://seekingalpha.com/article/1439831/comments?source=feed#comment-19044961 19044961 I have a funny feeling that the organized suppression of the gold price that started in April didn't work out as some people had wanted. They probably had expected that gold bugs would get disgusted by so heavy losses and never buy an oz of gold ever again.
The opposite happened: gold bugs saw this as a once in a lifetime buying opportunity. It's as if you go to the mall and they tell you they sell Apple's latest i-phone for half the price. At that point you don't ask questions, you simply buy.
You and I know that's a perfectly sound reaction, but apparently not everyone is of the same opinion.
Don't expect the media to give too much attention to this price hike: they mostly only report downturns in the gold price.]]> Mon, 20 May 2013 17:07:15 -0400 I have a funny feeling that the organized suppression of the gold price that started in April didn't work out as some people had wanted. They probably had expected that gold bugs would get disgusted by so heavy losses and never buy an oz of gold ever again.
The opposite happened: gold bugs saw this as a once in a lifetime buying opportunity. It's as if you go to the mall and they tell you they sell Apple's latest i-phone for half the price. At that point you don't ask questions, you simply buy.
You and I know that's a perfectly sound reaction, but apparently not everyone is of the same opinion.
Don't expect the media to give too much attention to this price hike: they mostly only report downturns in the gold price.]]> http://seekingalpha.com/article/1439831/comments?source=feed#comment-19044651 19044651 I hardly posted my remark about how hazardous it is to short gold at these levels, and up went the price: +2.5%. The treathening global SA miner strike might probably added to the panic.
The mechanism becomes very clear now: the gold price gets crushed down by Soros and god knows who else > the miners have to lower their expenses to cope with these price cuts > the miners cut wages or want their workers to work longer > the workers go on strike.]]> Mon, 20 May 2013 16:57:37 -0400 I hardly posted my remark about how hazardous it is to short gold at these levels, and up went the price: +2.5%. The treathening global SA miner strike might probably added to the panic.
The mechanism becomes very clear now: the gold price gets crushed down by Soros and god knows who else > the miners have to lower their expenses to cope with these price cuts > the miners cut wages or want their workers to work longer > the workers go on strike.]]> http://seekingalpha.com/article/1439831/comments?source=feed#comment-19021741 19021741 There sure is a demand glut at physical level, but I wouldn't call it a shortage of gold. The trouble the market now has to meet the demand of Krugers and all sorts of other coins, is simply a problem of logistics: how to mint a 100 tonnes of bullion gold into small coins the fastest possible ? That takes time, you now.
It doesn't mean there is a shortage of gold, it simply means there is a shortage of a specific form of gold.
Having said that, the lower the price goes, the less people you'll find willing to depart of their gold and the more people willing to buy it. That's why I think those who go short gold now (nearly 75,000 short contracts on Comex) at these levels, will face a cold shower:
http://bloom.bg/115y1eX]]> Mon, 20 May 2013 08:41:20 -0400 There sure is a demand glut at physical level, but I wouldn't call it a shortage of gold. The trouble the market now has to meet the demand of Krugers and all sorts of other coins, is simply a problem of logistics: how to mint a 100 tonnes of bullion gold into small coins the fastest possible ? That takes time, you now.
It doesn't mean there is a shortage of gold, it simply means there is a shortage of a specific form of gold.
Having said that, the lower the price goes, the less people you'll find willing to depart of their gold and the more people willing to buy it. That's why I think those who go short gold now (nearly 75,000 short contracts on Comex) at these levels, will face a cold shower:
http://bloom.bg/115y1eX]]> http://seekingalpha.com/article/1439831/comments?source=feed#comment-18989951 18989951 You are right, but that's the never ending story of most companies: they are always in need of more money. Even sound companies like Berkshire Hathaway emit bonds to attract more money when conditions seem all right.
The question indeed is whether the market will eventually purvey the surplus of money the miners ask. I have a feeling that won't be a problem for the moment because most investors still argue that the fundamentals for a higher gold price haven't changed.
It's the gold market who's got it wrong, they say, and it'll only take a couple of months before the gold price goes up again.
And so the investors will be eagerly willing to keep on subsidizing the miners for at least these couple of months, maybe longer.

Most gold mines (even Australian ones cfr. the higher levy on mining) operate under political risk: they cause a lot of pollution and generate a lot of money which is why they arise interest from local politicians. They have a love-hatred relation with gold mines. Mongolia and Egypt are no exceptions. Right now, I see more political risk in South Africa tough because of the workers' treath to go on a general strike.
Gold miners take these risks into account when starting their operations: it adds to the general costs. But one can't deny that global gold mining supply still increases.]]> Sat, 18 May 2013 18:57:43 -0400 You are right, but that's the never ending story of most companies: they are always in need of more money. Even sound companies like Berkshire Hathaway emit bonds to attract more money when conditions seem all right.
The question indeed is whether the market will eventually purvey the surplus of money the miners ask. I have a feeling that won't be a problem for the moment because most investors still argue that the fundamentals for a higher gold price haven't changed.
It's the gold market who's got it wrong, they say, and it'll only take a couple of months before the gold price goes up again.
And so the investors will be eagerly willing to keep on subsidizing the miners for at least these couple of months, maybe longer.

Most gold mines (even Australian ones cfr. the higher levy on mining) operate under political risk: they cause a lot of pollution and generate a lot of money which is why they arise interest from local politicians. They have a love-hatred relation with gold mines. Mongolia and Egypt are no exceptions. Right now, I see more political risk in South Africa tough because of the workers' treath to go on a general strike.
Gold miners take these risks into account when starting their operations: it adds to the general costs. But one can't deny that global gold mining supply still increases.]]> http://seekingalpha.com/article/1439831/comments?source=feed#comment-18975321 18975321 "and keep the highest grades and least cost to produce portions of their mines for when gold is at lower price"

Well, let me tell you, not ONE single mine on earth still has high grades (>100g/t) at it's disposal anymore. All mines operate at costs way higher than they were in the 20th cent.
Higher wages, higher energy costs, higher taxes, higher environmental concerns, lower grades, they all induce higher production costs.
Moreover, large part of nowadays gold production comes as an aside-product for nickel, copper, silver, platinum ... mines.
Besides, the cheapest way of "producing" is hedging and since that hasn't done the mines too much good in the past, hedging almost disappeared: eventual costs always appeared to be higher than forecast.

So different grades in one mine are not the issue.
The issue is, what is the overall equilibrium ? At what gold price do the mines globally start to make profit ?
The theory says that a price higher than that equilibrium will keep them running. A price lower than that equilibrium will see mines go bust and close down.
So, again in theory, a price lower than $1,300/oz (or whatever that overall equilibrium is, I have no idea) will make the curve on a graph of gold mining production go south and a price above that figure will show us the curve of gold mining production go north.
But between theory and practice there are lots of unknowns: how much capital can mines still attract to keep on running, notwithstanding current account deficits ? How will costs evolve (wages, electricity, taxes...) ? What are the chances of the copper, nickel, silver, platinum markets ?
Therefore, I'm inclined to support the author's stance that this lower gold price should lower production.... OVERTIME.
I added the last word "overtime" because I know from experience that miners can be a tough and stubborn lot who keep on mining till their last $ AND banking credit AND aunt's loan has been spent.]]> Sat, 18 May 2013 06:54:16 -0400 "and keep the highest grades and least cost to produce portions of their mines for when gold is at lower price"

Well, let me tell you, not ONE single mine on earth still has high grades (>100g/t) at it's disposal anymore. All mines operate at costs way higher than they were in the 20th cent.
Higher wages, higher energy costs, higher taxes, higher environmental concerns, lower grades, they all induce higher production costs.
Moreover, large part of nowadays gold production comes as an aside-product for nickel, copper, silver, platinum ... mines.
Besides, the cheapest way of "producing" is hedging and since that hasn't done the mines too much good in the past, hedging almost disappeared: eventual costs always appeared to be higher than forecast.

So different grades in one mine are not the issue.
The issue is, what is the overall equilibrium ? At what gold price do the mines globally start to make profit ?
The theory says that a price higher than that equilibrium will keep them running. A price lower than that equilibrium will see mines go bust and close down.
So, again in theory, a price lower than $1,300/oz (or whatever that overall equilibrium is, I have no idea) will make the curve on a graph of gold mining production go south and a price above that figure will show us the curve of gold mining production go north.
But between theory and practice there are lots of unknowns: how much capital can mines still attract to keep on running, notwithstanding current account deficits ? How will costs evolve (wages, electricity, taxes...) ? What are the chances of the copper, nickel, silver, platinum markets ?
Therefore, I'm inclined to support the author's stance that this lower gold price should lower production.... OVERTIME.
I added the last word "overtime" because I know from experience that miners can be a tough and stubborn lot who keep on mining till their last $ AND banking credit AND aunt's loan has been spent.]]> http://seekingalpha.com/article/1439831/comments?source=feed#comment-18973581 18973581 You are right, but that might take some time. Lots of new operations just started mining with brand nex investing money, like in Mongolia, Egypt:
http://bit.ly/y5BxVv
http://bit.ly/10aEo5b]]> Sat, 18 May 2013 01:15:31 -0400 You are right, but that might take some time. Lots of new operations just started mining with brand nex investing money, like in Mongolia, Egypt:
http://bit.ly/y5BxVv
http://bit.ly/10aEo5b]]> http://seekingalpha.com/currents/post/1029641?source=feed#comment-18912721 18912721 We all know it ain't right, but what can we do except keep on dancing ?]]> Thu, 16 May 2013 15:32:56 -0400 We all know it ain't right, but what can we do except keep on dancing ?]]> http://seekingalpha.com/article/1439831/comments?source=feed#comment-18895681 18895681 The thing is, big miners can be operating at high costs (+$1,300/oz), but what about small artisan miners ? Their share in overall production is increasing year by year and they might be working at -$1,000/oz.
And judging from the staggering amount of shorting contracts, a lot of investors think the same. Shorting gold is in a bubble I'd say.]]> Thu, 16 May 2013 10:14:32 -0400 The thing is, big miners can be operating at high costs (+$1,300/oz), but what about small artisan miners ? Their share in overall production is increasing year by year and they might be working at -$1,000/oz.
And judging from the staggering amount of shorting contracts, a lot of investors think the same. Shorting gold is in a bubble I'd say.]]> http://seekingalpha.com/article/1428951/comments?source=feed#comment-18774651 18774651 Where is the problem then ?]]> Mon, 13 May 2013 14:48:22 -0400 Where is the problem then ?]]> http://seekingalpha.com/article/1428621/comments?source=feed#comment-18755811 18755811 Mon, 13 May 2013 08:16:38 -0400 http://seekingalpha.com/currents/post/1020201?source=feed#comment-18755621 18755621 I only wonder where the physical keeps on coming from. Promises to deliver ? If that's reality, someone is going to wake up with a huge hangover.]]> Mon, 13 May 2013 08:10:41 -0400 I only wonder where the physical keeps on coming from. Promises to deliver ? If that's reality, someone is going to wake up with a huge hangover.]]> http://seekingalpha.com/article/1414191/comments?source=feed#comment-18594161 18594161
How about that GS colleague's, JPM's, comment:
"May 08; 3:06 PM With gold bears running rampant, J.P. Morgan’s new forecast for gold (GLD) to finish strong and trade near $1,700 by year-end is noteworthy."

Matthew sure didn't read that one. Else, he wouldn't have mentioned GS as a trustworthy argument.]]> Wed, 08 May 2013 16:09:48 -0400
How about that GS colleague's, JPM's, comment:
"May 08; 3:06 PM With gold bears running rampant, J.P. Morgan’s new forecast for gold (GLD) to finish strong and trade near $1,700 by year-end is noteworthy."

Matthew sure didn't read that one. Else, he wouldn't have mentioned GS as a trustworthy argument.]]> http://seekingalpha.com/article/1393121/comments?source=feed#comment-18434461 18434461 I viewed Inside Job not twice but sixfold. It's absolutely staggering. Should be taught at schools.]]> Sat, 04 May 2013 02:58:00 -0400 I viewed Inside Job not twice but sixfold. It's absolutely staggering. Should be taught at schools.]]> http://seekingalpha.com/article/1393121/comments?source=feed#comment-18434431 18434431 " I will use my money productively meanwhile."
and how's that ?
Houses ?
Stocks ? (AAPL ?)
Bonds ?
Savings ?]]> Sat, 04 May 2013 02:54:06 -0400 " I will use my money productively meanwhile."
and how's that ?
Houses ?
Stocks ? (AAPL ?)
Bonds ?
Savings ?]]> http://seekingalpha.com/article/1393121/comments?source=feed#comment-18434421 18434421 Well, I guess they indeed can't. But since they dispose of plentiful resources (capital, propaganda, secrecy, other "convincing" methods I'd rather not name...), the answer to the question "how long" will remain unanswered.
I think something external will eventually purvey the answer, like an electoral revolt. Seen UKIP's latest figures as to that regard ?]]> Sat, 04 May 2013 02:51:09 -0400 Well, I guess they indeed can't. But since they dispose of plentiful resources (capital, propaganda, secrecy, other "convincing" methods I'd rather not name...), the answer to the question "how long" will remain unanswered.
I think something external will eventually purvey the answer, like an electoral revolt. Seen UKIP's latest figures as to that regard ?]]> http://seekingalpha.com/article/1393121/comments?source=feed#comment-18423181 18423181 Fri, 03 May 2013 17:49:48 -0400 http://seekingalpha.com/article/1393121/comments?source=feed#comment-18422901 18422901 That's the one million $ question I have been asking myself: how much longer can they play this game of triggering the markets ?
It all comes down to that. The 500 tons of paper gold that have been thrown onto the market may mean alot or nothing: no one knows how much of this JPM ETF is actual physical. If only half of it would be, it would take the physical market quite some time to swallow that.
Russia f.i. on average buys 15 tons a month and can easily be considered as one of the biggest buyers, although it's not very clear how much comes from own mining.
I agree with you that all the economic and political conditions for a higher gold price have remained in place, but Governments are a tough bunch. Rumour has it that they even subsidize miners to get a lower gold price output. Nothing of the kind would surprise me.]]> Fri, 03 May 2013 17:40:37 -0400 That's the one million $ question I have been asking myself: how much longer can they play this game of triggering the markets ?
It all comes down to that. The 500 tons of paper gold that have been thrown onto the market may mean alot or nothing: no one knows how much of this JPM ETF is actual physical. If only half of it would be, it would take the physical market quite some time to swallow that.
Russia f.i. on average buys 15 tons a month and can easily be considered as one of the biggest buyers, although it's not very clear how much comes from own mining.
I agree with you that all the economic and political conditions for a higher gold price have remained in place, but Governments are a tough bunch. Rumour has it that they even subsidize miners to get a lower gold price output. Nothing of the kind would surprise me.]]> http://seekingalpha.com/article/1393121/comments?source=feed#comment-18422331 18422331 Although I completely agree with your skeptical approach on Comex and paper gold markets, there's one thing I still don't get: since the gold price is so low, why do some people sell their physical gold ?
Indeed, although there's an ever growing physical demand, the physical supply doesn't seem to be the least hampered, not even at these low prices.
I mean, I wouldn't sell, if I was convinced of the mediocrity of reward. In other words, where does physical keep on coming from ? It can't be all tungsten filled bars, can it ?]]> Fri, 03 May 2013 17:24:56 -0400 Although I completely agree with your skeptical approach on Comex and paper gold markets, there's one thing I still don't get: since the gold price is so low, why do some people sell their physical gold ?
Indeed, although there's an ever growing physical demand, the physical supply doesn't seem to be the least hampered, not even at these low prices.
I mean, I wouldn't sell, if I was convinced of the mediocrity of reward. In other words, where does physical keep on coming from ? It can't be all tungsten filled bars, can it ?]]> http://seekingalpha.com/article/1393121/comments?source=feed#comment-18393581 18393581 No problem paying your mortgage with it in Switserland. They made it possible last year. Some things do change, you know.]]> Fri, 03 May 2013 06:04:32 -0400 No problem paying your mortgage with it in Switserland. They made it possible last year. Some things do change, you know.]]> http://seekingalpha.com/article/1393121/comments?source=feed#comment-18393501 18393501 You are right, but still, I'm puzzled by the low level of premiums on gold, traders ask over here: 0.60% on 1kg, 1.43% on 250g and 1.85% on 50g, that ain't much:
http://bit.ly/YiQzf9
A few weeks ago, when the selloff occurred, premiums were way higher: up to 30% higher. The market got kinda suphocated by XXXL short term demand.
Low premiums of now show there's a willingness to sell physical, at least in Europe. I have no idea about premiums on gold in the US.
So someone must be flooding the market with physical, be it a Central Bank or Yamashita's grandson, who knows ? I haven't the faintest, but it's a clear signal to me that that someone is pulling our leg.]]> Fri, 03 May 2013 05:53:41 -0400 You are right, but still, I'm puzzled by the low level of premiums on gold, traders ask over here: 0.60% on 1kg, 1.43% on 250g and 1.85% on 50g, that ain't much:
http://bit.ly/YiQzf9
A few weeks ago, when the selloff occurred, premiums were way higher: up to 30% higher. The market got kinda suphocated by XXXL short term demand.
Low premiums of now show there's a willingness to sell physical, at least in Europe. I have no idea about premiums on gold in the US.
So someone must be flooding the market with physical, be it a Central Bank or Yamashita's grandson, who knows ? I haven't the faintest, but it's a clear signal to me that that someone is pulling our leg.]]> http://seekingalpha.com/article/1393121/comments?source=feed#comment-18393421 18393421 and I wonder how Stephen got rid of his Enron shares, not to speak of his Lehman Bros participation.]]> Fri, 03 May 2013 05:36:40 -0400 and I wonder how Stephen got rid of his Enron shares, not to speak of his Lehman Bros participation.]]> http://seekingalpha.com/article/1393121/comments?source=feed#comment-18365551 18365551 Yes, but the astronomic gold price surge from 2005 to 2011 has also been caused by large ETF-positions. Now that these ETF-positions unfold, it's only normal that the price goes down, notwithstanding the physical trade.
You need alot of physical to counter 500 tonnes in a few days, you know.]]> Thu, 02 May 2013 14:01:09 -0400 Yes, but the astronomic gold price surge from 2005 to 2011 has also been caused by large ETF-positions. Now that these ETF-positions unfold, it's only normal that the price goes down, notwithstanding the physical trade.
You need alot of physical to counter 500 tonnes in a few days, you know.]]> http://seekingalpha.com/article/1393121/comments?source=feed#comment-18365331 18365331 Yes, that's true, selling is always tricky, since there exists no "official" diamond market. But that also counts for vintage cars, paintings, all sorts of art... an yet, they thrive (for the moment), while gold languishes.]]> Thu, 02 May 2013 13:57:42 -0400 Yes, that's true, selling is always tricky, since there exists no "official" diamond market. But that also counts for vintage cars, paintings, all sorts of art... an yet, they thrive (for the moment), while gold languishes.]]> http://seekingalpha.com/article/1393121/comments?source=feed#comment-18354201 18354201 Buying at the current price doesn't seem profitable either. If one has some spare money and wants to invest in commodities, for the moment high quality diamonds are a better bet imho. But one has to be cautious: my nephew who trades diamonds says that Indian and Chinese copies of genuine diamonds are hard to detect and yet, they are on the market. You need to have kind of a petrographic microscope at your disposal to see the difference.
SLV has too much ties with industrial applications to look attractive now that global industrial activity has a temporary flaw.
Before the end of next year I don't expect a big change in the price of GLD overall.]]> Thu, 02 May 2013 10:15:15 -0400 Buying at the current price doesn't seem profitable either. If one has some spare money and wants to invest in commodities, for the moment high quality diamonds are a better bet imho. But one has to be cautious: my nephew who trades diamonds says that Indian and Chinese copies of genuine diamonds are hard to detect and yet, they are on the market. You need to have kind of a petrographic microscope at your disposal to see the difference.
SLV has too much ties with industrial applications to look attractive now that global industrial activity has a temporary flaw.
Before the end of next year I don't expect a big change in the price of GLD overall.]]> http://seekingalpha.com/article/1340931/comments?source=feed#comment-18183691 18183691 That is a quite extreme description of a possible deteriorating situation.]]> Sun, 28 Apr 2013 05:58:51 -0400 That is a quite extreme description of a possible deteriorating situation.]]> http://seekingalpha.com/currents/post/975161?source=feed#comment-18163361 18163361 JPM has sold out its gold. But HSBC and Moccatta still have full firing power. I expect them to give it a shot one of these days/weeks.
Only when these institutions will be out of firing power (will have sold their ETF-gold holdings), will I expect a higher gold price.]]> Sat, 27 Apr 2013 05:51:02 -0400 JPM has sold out its gold. But HSBC and Moccatta still have full firing power. I expect them to give it a shot one of these days/weeks.
Only when these institutions will be out of firing power (will have sold their ETF-gold holdings), will I expect a higher gold price.]]>