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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: regli who wrote (51491)	1/26/2006 12:55:01 PM
From: aknahow	Read Replies (2) \| Respond to of 110194

"Since 12/19/2005 three funds I monitor added 2,891,111 oz. This amounted to about 3.6% of annual gold production." 3.6% of production is significant, but we should keep in mind that all the deliveries of gold into the ETF's do not represent new purchases of gold. Some of the gold deposited in these ETFs was simply held elsewhere by other investors. Not knocking the ETFs. They must have also created new demand for gold because of the ease of purchase and low cost structure. BTW with the premium at yesterday's close for GLD above 14 basis points, I expect that there will be another delivery of physical gold today.