GLD continues to source gold at the Bank of England, at an escalating rate
By GCRU Gold News on Saturday, August 15 2020, 08:50 - Permalink
The fact that GLD still needs to source gold at the Bank of England during two quarters in a row, and at an escalating rate, only serves to reinforce this point. No GLD gold was held by a subcustodian in the financial years 2014, 2015, 2017, 2018, 2019 or the 6 months to end of March 2020. In the January – March 2016 period, which corresponded to large inflows of gold into the Trust, GLD did, according to its filings, hold up to 29 tonnes at the Bank of England. But that was only one quarter. Two quarters in a row, Q1 and Q2 2020, is unprecedented.