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Buying 'paper gold' ETFs could be 'huge failure' if gold is in short supply - Bond King Gundlach
Surging demand for gold-backed exchange-traded funds is raising a red flag for DoubleLine CEO and Wall Street's Bond King Jeffrey Gundlach. Purchasing “paper gold [ETFs] could be a huge failure in entire gold-delivery system” as there is not enough of the yellow metal to cover all the paper demand, Gundlach said in a Tuesday webcast. If, after buying a gold-backed ETF, investors might want to get their hands on that physical gold, there might not be any left, Gundlach warned. After big inflows last week, holdings in gold ETFs tracked by Bloomberg rose by another 16 metric tons Monday, putting them above 90 ... (full story)