The contact out of London has updated King World News on the massive Asian buyers which have been accumulating both gold and silver. The London source stated, “What we’ve been talking about for the past few months, the Asians, particularly the Chinese buying staggering amounts of physical gold has just gone into the mainstream media. The Financial Times was months behind King World News in reporting this information.”
The London source continues:
“The Asians, particularly the Chinese, want physical gold and they want it tomorrow. So the Chinese have a new method. They are now planning to buy tremendous amounts of the ETF GLD. They will then tender the GLD shares for immediate delivery of the gold. This bypasses all of the rules of places such as the Comex limiting delivery. There is no limit as to how much you can buy from the ETF GLD.
Mainstream media and some pundits have been pointing to drawdowns in GLD and saying there is liquidation of tonnage and that it is bearish for gold. They are ignorant and don’t understand what is happening is large buyers are tendering shares for delivery, and this is extremely bullish for the gold market.
This gets around the delays, delivery problems and any form of limitation.
The Asian entities are essentially looking for ways to get hold of physical gold because they are having trouble procuring gold in large quantities.
Full article here: KingWorldNews