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India’s “imports were 48 tonnes in September, Sudheesh Nambiath, a senior analyst with GFMS, a division of Thomson Reuters, said on Tuesday,” according to Reuters. “Much of the gain last month was simply due to the Indian holiday of Dussehra being celebrated on Sept. 30, rather than in October last year, as the holiday shifts since it is based on a lunar calendar. Gold buying during Dussehra is considered auspicious.”
Investors added nearly $664 million to GLD in the third quarter. To start the fourth quarter, has lost $425.1 million, but the ETF has gained $1.5 billion in new assets this year.
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Tom Lydon’s clients own shares of GLD.