GOLD 0.51% $1,391.7 gold futures

timber1956: "Declining tonnage may reflect the preference for...

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    timber1956:

    "Declining tonnage may reflect the preference for physical possession of gold."

    The gold is physically held by GLD fund.

    Tonnage held by GLD declines when the GLD fund sell the gold. It increases when GLD buys the gold.

    Either GLD is gaining physical possession, or the counter party to the transactions with GLD is gaining physical possession.

    If anything the quoted sentence is an understatement and should be revised as follows:

    "Declining tonnage of gold held by gold etf's is equivalent to increased physical possession of gold for other parties, in aggregate, except in cases when the gold held by the etf's is lost or destroyed."
    Last edited by meric: 17/09/14
 
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