GLD claims to have added another 3 tonnes of gold to a fresh new all time record of 1,316.18 tonnes as of close of business today. In the meantime the fixing price of gold is back to near record levels... which is where it was on May 11, when GLD held over 124 tonnes of gold less. In other words, the world's biggest real time acquiror of the precious metal has added more than all central banks purchased in Q1 (if one ignores that whole Saudi Arabia snafu which we posted first last week), and the price of gold has not budged by a penny. Well played JPMorgan, well played.

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