by Julian D. W. Phillips, Gold Seek:
‘Bear Raid’ with SPDR Gold Sales
After all the fall in the gold price was hard and fast due entirely to the bear raid in the U.S. This started in mid-April after the sales from the SPDR gold ETF had begun more than a month ahead of that. The signal for the bear raid was given when Goldman Sachs issued a recommendation to their clients to go ‘short’ of gold. The fall was very dramatic and shook the gold world to its roots. The volumes of physical gold that were sold were enormous. Even the Central Bank Gold Agreement limitations on gold sales (when they occurred, pre-2009) were held at 4 – 500 tonnes a year. These sales took place over three months, with the 500 tonne bear raid happening in one week.
· COMEX warehouse reductions [200 tonnes]
· Banks plus hedge funds sales [at over 300 tonnes]
· Plus the heavy sales of gold from the SPDR gold ETF [at over 500 tonnes]
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