The New CS Board

[dindindon]

>> HSBC closing 7 gold vaults

Mail exchanges:

Sun, 8 Mar 2015 00:55:47
Subject: very strange news, HSBC is closing all-of-their gold vaults in London

March 8, 2015 11:21 PM
Found this on the net: (Read At Your Own Peril)

"It appears as if KWN are again printing either ignorant headlines (at best) or fake headlines (at worst) to spread financial fear in relation to the supposed closure of the HSBC London Bank Vaults who are the custodian for a number of exchange traded PM funds. This is pretty typical bull shit from KWN who are renowned for their Perma Bull BULL.
And so it is actually NOT TRUE that HSBC are closing their London vaults, as the change of ownership of the vaults, is in fact from one HSBC entity to another HSBC entity. There was a notice released on the Australian Stock exchange back in early December to this effect. The Australian ETF whose custodian is HSBC London have confirmed this week that there is no change to the status of their product offering since then."

FYI

Gold Commitments of Traders Report – Speculators in a world of hurt
Posted on March 6, 2015,7:37 pm by Trader Dan
http://traderdan.com/?p=2903

This is the reason why the support levels on the chart are now going to be very important. Below $1140, I do not see any support until the contract low near $1130. If the former level were to give way, the latter will certainly be tested. At that point, depending on the other external markets ( interest rates, currencies and equities), gold may very well take out $1130. If it does, watch for a huge number of longs to throw in the towel which will provide some hefty selling pressure.
Time will tell…