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If there are months long lags in taking delivery, it could also be that they haven't been buying as aggressively at the current highs.
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If there are months long lags in taking delivery, it could also be that they haven't been buying as aggressively at the current highs.
No, it's both. They've expanded, as far as I can tell, their own non-XAUT holdings as well. (Or maybe we need to wait for formal quarterly report to "know" that, but that's the impression I'm getting)