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Yousa! Eight hundred tonnes!
Tuesday, January 20, 2009
They've been busy over at the SPDR Gold Shares ETF (NYSEArca:GLD), adding about 15 tonnes to the trust over the last week, breaching the 800 tonne level for the first time ever.
The gold price barely seems to notice, but that may change soon enough...
Full Disclosure: Long GLD at time of writing.
5 comments:
Actually Tim, today gold hit a 28-year high in terms of actual purchasing power.
Remember that gold is priced in US$, and the all-time high of $1033 was hit last March when the US$ index was at only 71.
When you take today's gold price of $855 with the stronger US$ index value of 86 you actually get a higher high in terms of real purchasing power:
http://sitekreator.com/Optimist/auxusd_w.html
Note also that gold hit all-time highs today in British Pounds and Euros.
It's all just a matter of perspective...
Yeah, it's been making new highs in other currencies for the last six months now...
The gold price may not budge after all, given central bank short selling (nod to GATA).
Very interesting way of looking at it, Pool Shark!
what happens when the custodian for all that gold gets nationalized?
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