Reply #22: More GLD ETF conspiracy talk [View All]

[54anickel]

http://www.financialsense.com/editorials/murphy/2004/1208.html

BOMBSHELL!
World Gold Council's ETF Dumps 15 Tonnes of Bullion
Right BEFORE Price Collapse
by Bill Murphy, Chairman
Gold Anti-Trust Action Committee
December 8, 2004

If there ever was a sequence of events to prove GATA’s importance, it is what we are witnessing at the moment. Let’s get right to it! This email from a Café member corporate executive came to me early last evening:

This smells to high heaven!

StreetTRACKS inventory went down by 15 tons in a fairly even gold market. I would guess they used it to slow the gold rise!
Bix


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Bells, whistles, and alarms went off when I received that email. Not quite understanding exactly how this ETF works and where the ETF report came from, I circulated the email to colleagues to verify its veracity. Before I received responses, this Reuters gold report surfaced this morning:

LONDON, Dec 8 ( Reuters ) - Gold slid sharply in Europe on Wednesday, losing more than $7 at one point, as investors bought the dollar and sold commodities into the year-end.

Traders also noted a hefty drop overnight in the quantity of gold held in trust on the new U.S.-listed gold exchange-traded fund (ETF), which did nothing to help sentiment.

The U.S. ETF jumped from 103 to 88 tonnes overnight so somebody dumped a whole load yesterday and rather set the tone for today.

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