SPDR Gold ETF - GLD: adding to demand... or to supply?
The decision of the London bank HSBC plc to close its gold vaults, as revealed by Andrew McGuire, has been the talk of the weekend. HSBC is the custodian of the SPDR Gold ETF - GLD. Last year GLD has transferred most of its gold to these vaults.
The decision of the London bank HSBC plc to close its gold vaults, as revealed by Andrew McGuire, has been the talk of the weekend. This intention certainly didn't evolve over-night. Closing down the vaults may induce some clients to sell their gold assets rather than to seek for an alternative storage vault. What more propicious timing for HSBC to funnel through the expected volume for sale to the futures market? ... and effectively front-running their clients who will realize a particularly poor price.
Continue reading at:
https://gwyde.blogspot.be/2015/03/spdr-gold-etf-gld-adding-to-demand-or.html
