Soros isn't the only one selling ETFs:
Cinthia Murphy on Seeking Alpha today:
"The $67.5 billion GLD and the $8.7 billion IAU were each trading about 1.5% lower early in the session, extending losses that now have cost each of the funds roughly 5% of value in the past five days alone.
What's more, GLD's price action has come accompanied by net outflows of $362 million, while IAU has lost some $146 million in the same one-week period."
That's half a billion of gold sales in just one week from two ETFs. You need a lot of Chinese and Indians to compensate for that.
First, what the fuck has Sucking Alpha got to do with anything? What the fuck? Is CNBC off air today? Was ZeroHedge down while you were surfing the net for news?
No you don't. You don't need "a lot of Indians". Half a billion dollars in gold is less than one week's worth of Indian gold demand.
Next time, before making such a statement, please open up the most recent WGC report to look up Indian gold demand, and then do a bit of math in Excel.
Because you can be fucking sure that Seeking Alpha don't fucking bother.
PS interestingly, India would be able to consume the entirety of GLD's holdings in a little over 3 years, just to make jewelry.
Assuming GLD's "gold" exists, of course: when you ponder the size of India's gold consumption relative to GLD you really have to wonder if the goldbug wackaloons aren't too far off base, and there really isn't any "gold" in that ETF to begin with.