So it seems that the Chinese have found a way to side step delays caused by the delivery restrictions at the COMEX to acquire their metal.
As related to a previous posting here, we made a point that the gld has been shedding tonnes of gold, but it seems that investors are not liquidating positions, rather exchanging paper metal for real metal.
Our hunch has been confirmed as an anonymous source out of London has claimed that the Asian country has a new strategy to obtain metal.
Using the ETF, GLD. The plan is to buy the shares and exchange them right away for the amount of physical metal the shares represent and call the metal home, by none other than the Chinese. Read the article here;
Currently there are no limitations to the amount of ETF GLD shares anyone can buy.
Keep an eye on paper backed precious metals this week, but base your decisions on the physical bullion market.
Ultimately the physcial bullion market will have the final say concerning the value of precious metals across the board.