The gold ETF was up about 26% through Wednesday’s close.
“There’s certainly a reasonably large volume on Comex and it will add some downward pressure, but it won’t be sufficient to prevent gold from remaining at elevated levels,” said Darren Heathcote, Sydney-based head of trading at Investec Bank (Australia) Ltd., in a Bloomberg report.
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Full disclosure: Tom Lydon’s clients own GLD.