• 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.

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