The ‘Big Long’ – Goldman Sachs And HSBC Buy 7.1 Tons Of Physical Gold

Tuesday, August 11, 2015
By Paul Martin

Avery Goodman
SeekingAlpha.com
Aug. 10, 2015

Summary

On August 6, 2015, Goldman Sachs, which has issued very bearish forecasts on long-term gold prices, took delivery of a 3.2-ton purchase of physical gold.

On August 6, 2015, HSBC which also claims to be bearish, took delivery of a 3.9-ton purchase of physical gold.
In both cases, the purchases are registered as being for the benefit of the bank’s own house account, rather than the accounts of customers.

Investors should do as the banks do, not as they say.

On August 6, 2015, Goldman Sachs (NYSE:GS) and HSBC (NYSE:HSBC) took delivery of a sum total of 7.1 tons of physical gold.

No, I have not made any typographical errors. And no, I am not talking about electronic paper claims. I am talking about shiny yellow metal stuff that you can touch and feel.

The gold bars were not purchased for bank clients. They were purchased for the banks themselves. How do I know this? They are designated by the exchange as being for delivery to the bank’s “house” accounts at COMEX, not to client accounts.

Goldman Sachs, alone, took 3.2 tons worth of physical gold bars. Yet, even as the firm builds its stockpile, Goldman tells clients not to do it. According to Goldman’s Jeffrey Currie, the long-term outlook for gold is bleak.

The Rest…HERE

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