Chinese use ETF GLD to bypass limits, Chinese government tells people buy gold.

Discussion in 'Metal Futures' started by Pagan Sunday, Feb 16, 2011.

  1. The London source:

    “The Asians, particularly the Chinese, want physical gold and they want it tomorrow. So the Chinese have a new method. They are now planning to buy tremendous amounts of the ETF GLD. They will then tender the GLD shares for immediate delivery of the gold. This bypasses all of the rules of places such as the Comex limiting delivery. There is no limit as to how much you can buy from the ETF GLD.

    Mainstream media and some pundits have been pointing to drawdowns in GLD and saying there is liquidation of tonnage and that it is bearish for gold. They are ignorant and don’t understand what is happening is large buyers are tendering shares for delivery, and this is extremely bullish for the gold market.
  2. My dentist is Chinese guy and when I asked him if he buys gold he told me no

    "however my family in China do"

    This is bullish for metals over all not just gold I think
  3. Surprising given that Kingworldnews had a guy on his show who visited a Canadian bullion bank, I think Scotia Mocatta and he said he was in the vaults and there was a couple thousand ounces of Gold and Silver bars and that was it...

    I think these ETFs are just scams to manipulate the price around without any supply. Its a derivative. As long as the music is playing, they won't run out of chairs.
  4. No matter how often the physical stockpiles of the ETFs are externally audited, the tin foil hat theories of internet posters will persist....
  5. Your post would be more truthful if you provided links of gold counting. And not FED links ether
    Something objective
  6. Do your own homework.
  7. The same accountants as Enron, Global Crossing, Nortel, and you're Nationwide mortgage broker?

    I suppose you own a stagecoach to front run the bank inspectors too.