London Trader says...

that during the latest takedown of the gold price, the bouillon banks sold 515 tons of paper gold to drop the price. There was no actual physical gold sold, so these banks owe over 500 tons of gold to whoever bought the contracts.In fact, there is a shortage of deliverable silver and gold. What is important is that the bouillon banks knew that Bernanke would bluff and deny that QE3 is coming and used that info to try to drop gold below the 1,550 level. It did not work for long. Meanwhile, Soros has again loaded up on gold. He knows what is coming.

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/6/8_London_Trader_-_Staggering_515_Tons_of_Gold_Sold_in_4_Hours.html