Wednesday, February 2, 2011

FOFOA: Who is draining GLD? Probably giants who want metal

FOFOA had an interesting article on the gold ETF known as GLD. One key topic of the post is the massive liquidation of GLD shares. FOFOA argues the liquidation is very bullish for gold, large investors are likely converting GLD shares into physical gold. FOFOA discusses a quote from Lance Lewis a writer of a financial letter who observed large liquidation of GLD shares correspond with important key support levels that are quickly reversed.

This should not be surprising to anyone.  Many realize the GLD is not gold, only paper gold that can be created out of thin air.  The GLD is yet another scam created by the banks to make people believe they actually have something valuable, in this case gold.  As chaos continues around the world and physical assets disconnect with paper assets having the GLD will do you little good. 

Article Here

Examine the GLD Prospectus Here

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