Oracle Starts SPDR Gold Trust ETF (GLD) at Strong Buy, Raises Rumors about North Korea Selling

Oracle Investment Research initiated coverage on SPDR Gold Trust ETF (NYSE: GLD) with a Strong Buy. Analysts at the firm speculated that North Korea selling could be behind the drop in gold prices.

"After reading all the plausible explanations about the Gold sell off, we just don't buy it," said Oracle, noting the commodity's lower trending volatility. "Did everyone all of a sudden hit the sell button? We don't think so."

This led analysts to speculate that North Korea was selling gold in order to buy Cambodian rice, natural gas, and other goods.

"The question is how would a North Korean sell off be facilitated and why? Could it be done through the Chinese currency markets? Could it be converted to Renmnibi and then to dollars or Swiss Franc?" puzzled the analyst.

This speculation adds to the growing list of rumors that surround gold's dramatic fall.

For an analyst ratings summary and ratings history on SPDR Gold Trust ETF (NYSE: GLD) click here. For more ratings news on SPDR Gold Trust ETF click here.

Shares of SPDR Gold Trust ETF closed at $132.80 yesterday.

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