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Greetings!
According to SDPR Gold Trust, by far the largest exchange traded gold fund backed by bullion, gold holdings increased by 1.81 metric tons as of February 24. This figure, according to their website, brings total gold holdings to 1,284 metric tons. A simple math conversion thickset figure is 2.8 million pounds of gold, which converts to about 40 million troy ounces held by this exchange-traded gold trust.
That's an awful lot of gold. More importantly it says that many, many investors believe that gold, even at its current level, is undervalued. With George Soros and Paulson and Company increasing their holdings, we can be certain that other big money players are back in the precious yellow metal.
This week we saw some real concrete short-term resolution to the credit and debt crisis in Greece. There can be no doubt that the E.U. and their central banks along with the IMF stepped up with a resolution package that will allow the Greeks to pay their €14.5 billion installment due on March 20. Step one. Step two will be a bit more difficult to accomplish - for Greece to somehow realign their annual GDP with their annual spending, now factoring in loan payments that will need to be coughed up along the way. I hope for the best, but I realistically question what they can do to resolve the larger issue.
Wishing you was always good trading,
 Executive Producer
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