Zero Hedge reports what we have already suspected, but now it is the matter of fact and we have the clear answer Who Was Buying. We must be close to that Waking Up Moment Peter Schiff is talking about.
Matrix Strikes Back - Gold Wash Out, Goldman Advises To Sell - China Buys Physical Gold By Tons.
Peter Schiff: When Investors Wake up the Gold Price Will Soar GLD, GDX, GDXJ, MUX, TNR.v
"It was quite a week for Gold. Goldman Sachs and JP Morgan, must be after reading our entry on Gold this week, has delivered Jim Puplava's "Puke Moment" for all Gold market investors. Gold is Trashed, all stops are taken over. We will look this weekend into the actions behind the scene and particularly who was selling and who is buying. Stay tuned..."
ZeroHedge:GUESS WHICH "BEARISH" BANK BOUGHT A RECORD AMOUNT OF GLD IN Q2
"In early April, the status quo was exuberant when none other than Goldman Sachs issued a "sell" on the barbarous relic that has become so indicative of the exuberance of central planning. At the time, we were skeptical (to say the least) and, just for extra Muppetting, the bank also suggested its clients buy Treasuries. Well, now that the full details of holdings changes have been released for Q2, it is perhaps clearer than ever before that as the bank was telling its clients to "sell, sell, sell" it was itself "buy, buy, buy"-ing the Gold ETF (NYSEARCA:GLD) with both arms and feet. In Q2, Goldman Sachs added a stunning (and record) 3.7 million 'shares' of GLD. As Paulson dumped his GLD, Goldman lapped it up to become the ETF's 7th largest holder.
Goldman was the largest adding holder for GLD...
buying what its clients were selling in size...