Physical Gold Fund Podcasts

Topics include: *Why trying to correlate physical flows with the price can be misleading *On-going tightness in the physical gold markets *There is less liquidity in the physical market *The physical tightness of flow is reflected in the price "not at all" *As long as the spot market is settled with cash settlement, the physical flows are not determining price *If investors dealing in cash markets begin to take delivery, the physical is just not around *The current pricing mechanism can continue indefinitely unless investor behavior changes to taking delivery versus cash settlement *The gold price has "no correlation to the physical market" *If this behavior changes (to taking physical delivery) it could become dramatically dangerous *Gold is moving in one direction from west to east with small exceptions over the last year *90% of the refinery's business is currently supplying demand from the east (India, China) and 10% to western markets *China has imposed a new standard on the LBMA good delivery system of