Founders: UPDATED Special Note on Gold

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1. This is genuine, dry, unbiased, analysis from their trading desk

2. It echoes things we have discussed here the past 6 months.

3. The fact they are talking about it now means noone is likely buying for a central bank *currently*

4. CBs are not idiots, they may be holding back bids underneath even from their banks. We can’t know

5. GS knew who was buying. They canno…