Andrew Maguire: COMEX is actually no more than a casino. The leveraged pricing of gold at COMEX bears absolutely no relationship to the real, unleveraged supply/demand fundamentals. Eastern central banks have used the recent smashdown in gold to acquire hundreds of tonnes and the smashdown is actually a “bubble short position” likely subject to a “violent” reversal.

Stephen Leeb: Any PM selling that’s going on here is just selling to the Chinese. Certainly within the next 2 or 3 years China is going to be the largest gold holder in the world. Jim Sinclair: My birthday is March 27th. By that time this decline in gold will be old history. This decline is purely to take your positions away from you.

Gene Arensberg: There were no fewer than four large metal reduction events for GLD since the summer of 2010. In all four cases the large drops in metal holdings were immediately or soon followed by rising gold prices.