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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
Message: Major Surge In Gold ETF
This past Friday, the Gold ETF saw a record surge in buying. Most troublesome for the cartel is that this came within hours of Ben and Hank reassuring everyone that financials are just fine and dandy. Years, even months ago, such rhetoric by these supposedly esteemed individuals would have trounced gold for weeks if not months. This only proves that the FED's credibility has been tarnished and it ain't coming back as long as Ben and Hank remain in power.
Things are a changin - VHF
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Friday, July 11, 2008
Tim Iacono
Gold ETF "tonnes in the trust" increases by 46 tonnes
Earlier today, the "tonnes in the trust" for the SPDR Gold Shares ETF (NYSEArca:GLD) increased by an astonishing 46 tonnes, in what might be termed an "adverse reaction" to the many and varied government assurances that everything is hunky dory at mortgage giants Fannie Mae and Freddie Mac.
Yes, a scale change was required for the chart above.
This dwarfs anything other than the second day of trading for the ETF back in November of 2004 which saw 50 tonnes added.
The only thing that comes close are two 19 tonne additions, 20 days apart, back in January of 2006, an 18 tonne addition in November of last year, and 52 tonnes added over a period of five days last September, just as the credit crisis was piking up steam.
This brings the total "tonnes in the trust" to 702, also a new record high.
This is a pretty astonishing increase, particularly after the buying over the last month or so. A total of 100 tonnes have been added in the last twenty days of trading and this brings the year-over-year increase to more than 200 tonnes.
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