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Where is the gold selling coming from?

|Includes: SPDR Gold Trust ETF (GLD)

Banks. European banks.

They are “eating the seed corn“, selling the family jewels, draining the rainy day fund…

Talking with senior traders this week in Chicago, the feeling is that gold has a long way to go on the downside as the crisis continues its metamorphosis.

Moral of the story: There are no safe-havens in a storm this intense.