Monday, March 17, 2008
Amid all the market panic earlier today and a gold price that was up as much as $30 in Hong Kong before getting pummeled when New York markets opened, share creation at the streetTRACKS Gold ETF (NYSE:GLD) required an additional 10.4 tonnes of the yellow stuff being added to the trust.
Based on previous purchases and the subsequent movement of the price of gold (up an average of $71 just 30 trading days later the last time it was checked), this is likely one more in a series buy signals.
The last time this subject was addressed here, it was noted that "authorized participants" (or somesuch) have been making regular purchases on Mondays - today was no exception.
As shown below, whoever did the coding for their website wasn't particularly optimistic about the gold price requiring four digits.