Though gold was only down a little more than 1% in 2014, the drain of the GLD, which began in 2013, continued in earnest.
In the end, what matters is where all of this gold went. So, where did it go?
First, it went to Switzerland, where it was re-assayed and then re-cast into 87,410 of these:
Then shipped off to points East and gone for good.
2015 is going to be a wild and eventful year. Prepare accordingly.