Re: Rumors on the floor…ETF GLD has busted Comex... GOLD PRICE SET TO GO PARABOLICabout 2.3 million ozs of gld has been drawn down since that USA Gold forum post of yesterday morning. One would have to assume the situation is even more critical for the comex now. hence Dan norcinis ellipitical call for the funds to avoid gld and put their money in gold futures instead... Someone on the precious metals board posted a similiar Jim sinclair assault on gld as well. It wasn't dated but todays norcini statement is enough anyways. THAT THERE IS A SHORTAGE OF THE PHYSICAL GOLD SUPPLY OUT THERE HAS BEEN THE CONSENSUS FOR SOME TIME IN THE GOLD COMMUNITY.... The gld draw downs if they continue could bring this supply shortfall to a head real quick. hence the comex is under threat rumors. hence the gata hit piece on gold this week and the dan norcini one and the redredging at the very least of jim sinclairs negative commentary on gld....
AND YES IF GLD TRIGGERS A PHYSICAL GOLD SHORTAGE IT WILL HAVE TO CLOSE DOWN ITS PURCHASING OPERATIONS BECAUSE IT CANNOT GET ACCESS TO TO THE GOLD TO MEET ANY NEW BUYERS DEMANDS..
and the comex paper trading platform would seize up as per the rumors huh? ????
here is the cytek post again: and remember only about 350,000 ozs of new gold are available to the market each business day... some of that is hedged gold being returned to the financiers of the hedge to huh?
Rumors on the floor…ETF GLD hast busted Comex...from usa gold farum
Cytek (usagold.com 11February2009; 9:15)
Rumors on the floor…ETF GLD hast busted Comex
Rumors are flying and with everyone taking physical delivery of gold it sounds like the physical supply has been depleted. Has anyone heard this ?
If this is true then the PPT and the JPM’s of the world cannot artificially suppress the POG with contracts. GOLD WILL FLY>>>
Cytek