The Phaserl


Gold Soars After 200 DMA Breach, As ETFs Finally Resume Buying

from ZeroHedge:

Recall what we said first thing this week when we remarked the latest surge in Chinese physical gold buying: “As we have said before: keep an eye on the “gold holdings” of the GLD and other US paper gold ETFs, whose drop in holdings for now has offset Chinese accumulation on the margin. Once GLD gold holdings solidly resume their climb higher, that will be the key upward gold price inflection point.” Perhaps it is a testament to the power of paper of physical gold (if only for now), that while yes, we were correct, and gold is now indeed soaring, having finally broken above its 200 DMA as we reported yesterday, all it took was the predicted rebound in gold ETP holdings which have finally ended their liquidation cycle. As Bloomberg reports “Assets in the SPDR Gold Trust expanded 1.2 percent to 806.35 metric tons, the highest since Dec. 20. The biggest ETP backed by gold, which shrank 41 percent last year, is up 1.2 percent this week, headed for a third weekly advance.

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