gotgoldreport.com / By Gene Arensberg / Thursday, June 27, 2013, 01:10:34 PM
Reported metal holdings at SPDR Gold Trust (NYSE: GLD), the largest gold exchange traded fund, reflect significant negative money flow since December, 2012. So-called hot money, investors, portfolio managers and hedge funds have apparently bought in, hook, line and sinker, to the notion that the world’s largest central banks printing oceans of new fiat currency units has “saved the global economy,” lessening the apparent need to hold gold as portfolio insurance.
If only that were true – that increasing debt in huge amounts by printing money solves a problem of too much government debt in the global economic engine. We could just print up millions for everyone and people would die of happiness. (Sarcasm.)
Specifically, from December 10, 2012 to June 26, 2013, GLD metal holdings declined 383.85 metric tonnes (about 28%) from a record high 1,353.35 tonnes to 969.50 tonnes. (Down 12.3 million ounces troy, from 43.5 million oz. to 31.2 million oz.) For the same period gold fell $476 or 28% from $1,712 to $1,236 basis the London PM fix. - See more at: http://www.gotgoldreport.com/2013/06/chart-of-the-week-gld-metal-holdings.html#sthash.UUPak22E.dpuf