The receipts for another large chunk of bullion changed ownership from a JPM Customer to the Goldman 'house account' at $1,122 per ounce.
With all the usual caveats, and just taking note.
This is especially intriguing since Goldman has been publicly beating the drums for gold to drop well below $1000. Perhaps, like Rick who moved to Casablanca 'for the waters,' they are merely misinformed.
We ought not to presume anything about how naive the customer might be, or the sly cunning of any particular buyer. For all we know the 'customer' could be a large and highly competent ETF or fund, and not some naive or desperate or perhaps whimsical individual.
And as for the buyer and its motives, my friend Dave offered some possible insight on this phenomenon here.
While it is a hypothesis based on a correlation founded in possibly disparate facts, it is no more untoward than those who will simply dismiss the whole thing, and apparently ascribe no significance to almost anything whatsoever, other than the price of gold and silver must go lower. There is no truth, and there are no fundamentals, when things and their values are merely what we say that they are.
And I am sure that all of this is simply more of God's work, and not sly cunning in service to earthly greed, from such a benevolent and public-spirited institution.
