Monday, November 2, 2009

GLD a major holder of gold

Paul Tudor Jones: Gold's Undervalued (Seeking Alpha):
"Tudor then presented these amazing facts: 'The trailing 12-month ETF accumulation has 'bought' the equivalent of 25% of new mine production consistently since the beginning of the year. By year-end 2009, the total ETF gold position will hold 3% of global available supplies, making ETFs the sixth largest holder of gold in the world.'"

When was the last time in Gold's 5,000 year history that there was a major holder of Gold around which was not an empire that can be conquered or a bank that can be nationalized or outlawed? Oh, wait. GLD actually could be.

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