Dave Kranzler: Somebody else, not ETFs, took most gold sent to London from Switzerland in July


11:35a ET Thursday, August 22 2019

Dear Friend of GATA and Gold:

Dave Kranzler of Investment Research Dynamics in Denver discloses today that Switzerland's unusual export of 90 tonnes of gold to London in July must have involved a lot more than acquisitions by gold exchange-traded funds, the explanation offered by Bloomberg News. (See http://www.gata.org/node/19371)

Kranzler writes: "But fact-checking shows that the number of tonnes of gold in GLD, by far the largest gold ETF, increased by only 23 tonnes during July, from 800 to 823. Assume that the much smaller gold ETFs took in the same amount collectively -- an estimate that is more than generous -- and ETF gold flow accounts for less than 50% of the gold exported to London."

... Dispatch continues below ...


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So where did the rest of the gold sent from Switzerland to London in July go? Kranzler concludes that there must be other big buyers.

He adds that gold mining companies and especially junior gold miners seem terribly underpriced ahead of what is coming for the metal.

His analysis is headlined "Gold, Silver, Mining Stocks: Get Ready for a Huge Ride Higher" and it's posted at IRD here:


CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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