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Decline in GLD tonnage shows gold's strength, Sprott tells King World News
5:26p ET Friday, May 31, 2013
Dear Friend of GATA and Gold:
Interviewed today by King World News, Sprott Asset Management CEO Eric Sprott discloses that rising gold price premiums in Shanghai precede gold tonnage reductions in the exchange-traded fund GLD. While news reports and market commentaries have been portraying the decline in GLD's gold tonnage as a sign of gold's weakness, Sprott says, it is actually an indication of strength and shows the shortage of gold among bullion banks.
Sprott's evidence provides support for the contention made two weeks ago in an interview with King World News by Hong Kong fund manager William Kaye, who said GLD's gold was being looted and shipped to Asia in an arbitrage scheme:
An excerpt from Sprott's interview is posted at the King World News blog here:
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