Swiss are a little sneaky since they usually sell gold futures 3 months to 1 year old to get higher POG, then deliver into those futures... That was their past modus operandi, thus 35 metric tonnes in July pretty significant (>10%) given their total is 250 tonnes by Sept 09.
On vacation for past 2 weeks and will get back Monday, will have time to analyze the situation a bit more when I get back...
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