Gold and What Moves it.
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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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Photos of Hong Kong Jewelery store run - Ed Steer's Gold & Silver Daily

Photos of Hong Kong Jewelery store run - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Here's a group of photos sent to me by Hong Kong reader Frank Lin yesterday.  He comments that "These pictures were taken from one of the largest gold jewelers in Hong Kong [on Tuesday].  I was told only expensive pieces are left."  The photos of the empty cases certainly confirms that.  Having spent some time in Hong Kong myself...and knowing how many jewellery stores there are just in the Kowloon area alone, one has to wonder just how long it will take all of them to restock when they've been wiped out to that extent...and that doesn't include replacing the bullion they've sold as well.

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Gold accounts for 9% of Turkey exports to MENA

Gold accounts for 9% of Turkey exports to MENA | Gold and What Moves it. | Scoop.it
Turkey, which is not a major gold producer, was a net importer of gold, jewellery and precious metals in 2011 but swung to being a net exporter last year when it began shipping billions of dollars of the metal to Iran.

 

ANKARA(BullionStreet): Gold accounted for 9 percent of Turkey’s exports to Middle Eastern and North African (MENA) country's, particularly to Iran and the UAE.

 

According to Standard Chartered research, Iran and the United Arab Emirates received so much Turkish gold last year that the trade affected their export data.

 

That’s because of sanctions that prevent Turkey from buying Iranian oil with euros or dollars. Turkey is exempt from certain US sanctions on trade with Iran because it is dependent upon Iranian natural gas.

 

However, Iran-Turkey gold trade have been singled out by the US and EU for sanctions ...

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JPMorgan's Eligible Gold Plummets 65% In 24 Hours To All Time Low | Zero Hedge

JPMorgan's Eligible Gold Plummets 65% In 24 Hours To All Time Low | Zero Hedge | Gold and What Moves it. | Scoop.it

We are confident that in the aftermath of our article from last night "Just What Is Going On With The Gold In JPMorgan's Vault?" in which we showed the absolute devastation of "eligible" (aka commercial) gold warehoused in JPM's vault just over the Manhattan bedrock at 1 Chase Manhattan Place (and also in the entire Comex vault network in the past month), we were not the only ones checking every five minutes for the Comex gold depository update for April 25. Moments ago we finally got it, and it's a doozy. Because in just the past 24 hours, from April 24 to April 25, according to the Comex, JPM's eligible gold plunged from 402.4K ounces to just 141.6K ounces, a drop of 65% in 24 hours,and  the lowest amount of eligible gold held at the vault on record, since its reopening in October 2010!

 

Everyone has seen what a run on the bank looks like. Below is perhaps the best chart of what a "run on the vault" is. ...

Hal's insight:

Click through for the full post and charts.

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Les Miserables | Zero Hedge

Les Miserables | Zero Hedge | Gold and What Moves it. | Scoop.it

I would say that Mr. Hollande has been a disaster for France. I state this not just based solely on economics but also upon their leadership in Europe. There was a time when Germany and France operated in some sort of tandem but now France has declined to a status where it gets the occasional nod from Berlin but that would be about the extent of it. It is now Germany and then everyone else in a pecking order designed and approved in Berlin where France ranks slightly ahead of Spain and Italy but not by much. 
 
France, in fact, has joined their southern neighbors in both policy and adherence to the previously agreed upon guidelines. There is now only an admission of culpability and then the increase in debt, the extension of the debt to GDP ratios and the continual promises that it will all be better next year. This definition of “next year” will not be arriving however and so the economies worsen and the anguish of the deceit worsens the pain. ...

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Swiss central bank may limit Gold sale

Swiss central bank may limit Gold sale | Gold and What Moves it. | Scoop.it
According to Thomas Jordan, chairman of the Swiss National Bank's governing board, the proposal to restrict the sale of gold reserves could hinder monetary policy.

 

BERN(BullionStreet): Switzerland's central bank, SNB said it will buy foreign currencies in unlimited quantities and also proposed a plan to restrict the sale of country's gold reserves.

 

According to Thomas Jordan, chairman of the Swiss National Bank's governing board, the proposal to restrict the sale of gold reserves could hinder monetary policy.

 

He also said Swiss National Bank will stand by its cap on the Swiss franc against the euro.

 

The Swiss Peoples Party last week launched an initiative to prevent the SNB from selling any of its gold reserves and force it to hold at least 20% of its assets in the precious metal. ...

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Nepal Gold climbs by Rs 1,000 a tola

Nepal Gold climbs by Rs 1,000 a tola | Gold and What Moves it. | Scoop.it

KATHMANDU(BullionStreet): Nepal gold prices continued it's northern journey and further soared by Rs. 1,000 per tola (11.644 gm) to Rs. 53,000 in the domestic market on Friday.

 

Nepal Gold and Silver Dealers’ Association said gold price witnessed upward trend following the price increment in the international market.

Similarly, the bullion market witnessed upward trend since the beginning of the trading day this week. ...

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Gold shortage seen in Asia with physical market still tight

Gold shortage seen in Asia with physical market still tight | Gold and What Moves it. | Scoop.it
Wholesale dealers have this week reported premiums over the spot gold price of around $3 an ounce in Hong Kong and Singapore, and as high as $10 in Mumbai.

 

London Gold market report

Gold drifted lower towards $1460 an ounce Friday morning in London, having climbed to its highest level since last week's price drop at $1485 during Asian trading.

"The next resistance level is $1487," says a note from technical analysts at Scotia Mocatta published late Thursday.

"Should we trade through that, we believe it will open up a full retracement to the $1522 lows...support is at $1322."

Silver meantime rose as high as $24.86 an ounce in Friday's Asian trading before ...

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The Fed’s Big Lie, Gold, Silver & The Reality Of Inflation

The Fed’s Big Lie, Gold, Silver & The Reality Of Inflation | Gold and What Moves it. | Scoop.it

On the heels of the Fed saying inflation is tame, today acclaimed money manager Stephen Leeb told King World News the that the Fed is lying and demonstrated the tremendous inflation the average family faces today vs the 1990s:

 

... Now that the Fed has gotten the price of gold down they are saying no inflation, but inflation is still very high when you compare it to the 1990s.  If a family is at the 50th percentile or below they are having trouble feeding their family, paying for gas and driving their car.

 

So what we are doing today just isn’t working.  I think that gold is going to begin to reflect this big time.  You have to have physical gold here when you look at the plight of the average man and the continuation of money printing.  The Fed is simply not going to be able to hold back the price of gold. ...

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As gold price roars back SocGen repeats $10,000 call

As gold price roars back SocGen repeats $10,000 call | Gold and What Moves it. | Scoop.it
As gold claws back 50% of its losses French investment and London bullion bank repeats forecast of a surge in the gold price contradicting its own commodities team's forecast.

 

by Frik Els:

 

The spot gold price gained $32.10, or 2.3%, to $1,455 an ounce in New York on Thursday, building on recent gains and retracing 50% of its dramatic fall just 10 days ago.

 

Gold suffered a $200-plus decline that began on Friday 13 April and accellerated into Monday when the metal dropped to multi-year lows of $1,326 an ounce.

 

Thursday's push higher breached important technical levels around $1,440 an ounce and the 50% recovery of recent losses is also a bullish signal for the gold market.

 

Gold's resurgence also comes after an unexpected upbeat view by a closely followed bullion market strategist.

 

Société Générale's global strategist Albert Edwards says in a new report that he is sticking to his recent prediction that gold is on its way to $10,000.

 

The French investment and London bullion bank's Global Strategy team's forecast is also in stark contrast to that of its commodities researchers who predicted "The End of the Gold Era" and an end-2013 gold price of $1,375 per ounce. That call was made at the beginning of April when gold was trading above $1,550 ...

Hal's insight:

The forecasts I expect will be coming quick and furious. My take? Keep your eye on it with the free widget from Lear Capital http://www.learcapital.com/exactprice ;

 

I don't know how much higher it will go or how fast. Gold at 10k is troublesome to me because of what it will mean the rest of the economy will likely look like. It's my thought that it will be considerably higher from where where we currently are or have been at the highest point we've seen.

 

The fundementals in the economy that got us here have not become any better. Though there is a good argument that they have gotten worse.

 

So for me the upside potential is good, but I expect further pressure.

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The Fed and other central banks can buy public shares and any type of bond they wish: Jim Sinclair's Mineset

Mr. Sinclair writes in reply to an emailer:

 

The Fed and other central banks can buy public shares and any type of bond they wish. This is a bag for the Plunge Protection Team along with the Exchange Stabilization Fund.

 

They focus on stock indices. This is why when the Dow takes a 400 point hit on the downside it always opens plus $20. ...

Hal's insight:

Be sure to click through for the full blog post with charts, etc.

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Harvey Organ's - The Daily Gold and Silver Report: Silver and gold rise/silver OI rises to 158,970

Harvey Organ's - The Daily Gold and Silver Report: Silver and gold rise/silver OI rises to 158,970 | Gold and What Moves it. | Scoop.it


At the comex, the open interest in silver rose sharply by 1,706 contracts to 158,970 contracts as it is still  holding firm at elevated levels . The open interest on the gold contract fell by 1507 contracts to 415.074. The total amount of gold ounces standing for April rose slightly to 34.36 tonnes as silver remained constant at 3,770,000 oz.

Over at the gold comex inventories we witnessed another huge withdrawal. Tonight the dealer (registered gold) rests at 2.21 million oz or 68.74 tonnes.  I cannot recall this level being so low.  The total of all gold at the comex drops to 8.345 million oz or 259.56 tonnes. 


In other physical news, the British Royal Mint announced that sales of gold coins are running triple to that of last month.

we have a report from India which shows that Indian  gold premiums have been rising fast as demand outstrips supply. ...

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The situation is so fluid in the precious metal markets at the moment that it's hard to get a 'big picture' perspective. - Ed Steer's Gold & Silver Daily

The situation is so fluid in the precious metal markets at the moment that it's hard to get a 'big picture' perspective. - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

The situation is so fluid in the precious metal markets at the moment that it's hard to get a 'big picture' perspective.  The only ones in the know would be the Big 3 bullion banks...and their associated partners-in-crime at the Fed, the Treasury, the Exchange Stabilization Fund...and the BIS.  All we can do is sift through the clues that are left hanging around...whether it be in the Comex inventories...or the GLD and SLV ETFs.  I don't consider the latest COT Report to be of any use, because it's obvious [at least to me] that the data in the Commercial and Non-Commercial categories is bogus.  But if the data in the Nonreportable category can be used as a guide, the real data in these other two categories would be one for the record books...and still may be a work in progress by JPMorgan et al. ...

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The Gold, Silver Morning Smackdown Becomes A Smackup As Surge Continues | Zero Hedge

The Gold, Silver Morning Smackdown Becomes A Smackup As Surge Continues | Zero Hedge | Gold and What Moves it. | Scoop.it

After recovering 50% of its record plunge last night, gold continues to rise this morning, topping $1450. Silver is even more exuberant this morning testing up to post-crash-low highs around $23.90. What is more interesting is that for three days in a row, instead of the seemingly ubiquitous morning smackdown of precious metals, we have seen a sudden desperate demand for silver and gold in the US morning.

Hal's insight:

Click through for the rest of Mr Durden's charts.

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Stunning & Massive Run On Physical Gold & Silver Continues

Stunning & Massive Run On Physical Gold & Silver Continues | Gold and What Moves it. | Scoop.it

Keith Barron tells King World News:

 

“One of my colleagues, who was in Tokyo, just told me there were stunning $500 premiums on one ounce American Gold Eagles, and there were none to be found anywhere in Tokyo.  So the Japanese were taking advantage of the price drop to buy seemingly everything available in terms of physical gold in the entire country.  

 

They were dumping their yen and other currency positions and putting massive amounts into physical gold.  This was happening as fast as the Japanese could do it, and they did not mind paying quite a premium for physical gold.  What we have seen around the world has literally been a run on physical gold.  People all over the world are simply turning in their fiat money for physical gold, and silver as well. 

 

What we have seen recently was a manufactured, but complete capitulation in the gold market.  This may surprise KWN readers, but I firmly believe that gold will break to new all-time highs this year.  I also believe that we will continue to see a split between the paper market and the physical market, and it will be the physical market taking gold to new all-time highs. ...

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The Biggest Price-Fixing Scandal Ever | Politics News | Rolling Stone

The Biggest Price-Fixing Scandal Ever | Politics News | Rolling Stone | Gold and What Moves it. | Scoop.it
The Illuminati were amateurs. The second huge financial scandal of the year reveals the real international conspiracy: There's no price the big banks can't fix

 

Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world's largest banks may be fixing the prices of, well, just about everything.

 

You may have heard of the Libor scandal, in which at least three – and perhaps as many as 16 – of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that's trillion, with a "t") worth of financial instruments. When that sprawling con burst into public view last year, it was easily the biggest financial scandal in history – MIT professor Andrew Lo even said it "dwarfs by orders of magnitude any financial scam in the history of markets."

 

That was bad enough, but now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps.

 

Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget. ...



Read more: http://www.rollingstone.com/politics/news/everything-is-rigged-the-biggest-financial-scandal-yet-20130425#ixzz2Ra0yFWqB ;
Follow us: @rollingstone on Twitter | RollingStone on Facebook 

Hal's insight:

Hat tip to https://twitter.com/nicobintell

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Major Indian Gold Dealer: "There Is A Clear Fight Going In Procuring Metal As Early As Possible" | Bull Market Thinking

Major Indian Gold Dealer: "There Is A Clear Fight Going In Procuring Metal As Early As Possible" | Bull Market Thinking | Gold and What Moves it. | Scoop.it

Speaking to head of operations, Vishal Vyas, I learned this collapse has been particularly unique for Indians, as the sustained strength of the Rupee, has aided the country in vacuuming up hundreds of tonnes worth of supply over the last few weeks (see currency chart below).


Starting out the interview, when asked just how severe physical demand in India is becoming, Vishal explained that, “There is extremely high demand in this Indian local market for gold, as in small investment products, and in jewelry…there is 50 tonnes coming in every week in India, 30 tonnes [get] exhausted in Bombay itself, only in Mumbai…[and during the collapse] the demand was such that, suppliers were not able to supply for almost a week…[and currently] jewelry manufacturers are running short of raw material, as in the gold which is necessary for manufacturing is not available.” ...

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Total US Debt To GDP: 105% | Zero Hedge

Total US Debt To GDP: 105% | Zero Hedge | Gold and What Moves it. | Scoop.it
Now that we have the first estimate of Q1 GDP growth in both rate of change and absolute current dollar terms ($16,010 billion), we can finally assign the appropriate debt number, which we know on a daily basis and which was $16,771.4 billion as of...
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Pakistan buys nearly 3 tons of Gold

Pakistan buys nearly 3 tons of Gold | Gold and What Moves it. | Scoop.it
Gold imports in March 2013 stood at $15.531 million against the imports of $22.322 million in March 2012 and $20.251 million in February 2013 respectively.

 

NEW DELHI(BullionStreet): Pakistan imported nearly three tons of gold in first nine months of current fiscal year, up 33.49 percent from same period last year.

 

According to Pakistan Bureau of Statistics (PBS), country imported 2,942 kilogram of yellow metal worth of $159.172 million compared to the import of 2,236 kg valuing $119.239m during same period of last year.

 

On month on month basis the gold imports in March 2013 registered a decrease of 30.42pc and 23.24pc when compared to the imports in March 2012 and Feb 2013 respectively.

 

Gold imports in March 2013 stood at $15.531 million against the imports of $22.322 million in March 2012 and $20.251 million in February 2013 respectively. ...

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oftwominds-Charles Hugh Smith: China 2.0 Is in Trouble

oftwominds-Charles Hugh Smith: China 2.0 Is in Trouble | Gold and What Moves it. | Scoop.it

Despite the many differences between China and the U.S., their basic problems are remarkably similiar: an economy that increasingly serves a tiny Elite, and a political/financial system that is incapable of meaningful reform.


Setting aside the latest bird flu outbreak and sagging indicators of growth, China 2.0 is in trouble (with 1.0 being the Communist era of 1949 -1977 and 2.0 being the modernization/globalization era of 1978 - 2013), for it remains overly reliant on unsustainable growth dynamics. ...
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Sinclair - The Gold War & Unprecedented Financial Destruction

Sinclair - The Gold War & Unprecedented Financial Destruction | Gold and What Moves it. | Scoop.it

Today legendary trader Jim Sinclair warned King World News that investors should brace themselves and expect to see unprecedented financial destruction going forward as the gold war continues to rage on both sides of the Atlantic.  Below is what Sinclair, who was once called on by former Fed Chairman Paul Volcker to assist during a Wall Street crisis, had to say in this remarkable interview.


Sinclair:  “The worst thing they (central planners) could have done was to smash the paper gold price down into an unprecedented bull market for physical.  Should it ever occur again, the results will be the same.  What this has done for the keen observers is to reveal how the future mechanism for gold price discovery will in fact be set. ...

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Central banks bought record amount of gold before collapse — RT Business

Central banks bought record amount of gold before collapse — RT Business | Gold and What Moves it. | Scoop.it

Central banks went on the biggest spending spree in 50 years, buying the most gold since 1964 last year. Their high stockpiles of devalued metal probably makes them the biggest losers of the gold slump.

 

Central banks have bought the most gold since 1964 in 2012 just before the precious metal took a plunge on the stock market, and are now stuck with record losses and a stockpile of devalued gold. The World Gold Council reported central banks added 534.6 metric tons to worldwide reserves, and then the price fell.

 

The banks are now stuck with huge stocks and bear market prices: in 2013 gold has tumbled 14%.In textbook economic terms, they bought high and will most likely have to sell low.

 

The Gold Council expects purchases of 450 to 550 tonnes in 2013. ...

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Shortages of physical #gold now a global phenomenon | Mineweb

Shortages of physical #gold now a global phenomenon | Mineweb | Gold and What Moves it. | Scoop.it

Author: Lawrence Williams
Posted: Thursday , 25 Apr 2013 

DUNS, SCOTLAND (MINEWEB) - 

 

Those who precipitated the recent fall in the gold price may have unleashed a beast that will put future efforts at market manipulation way out of their control.  Physical metal is now seemingly becoming key in investors’ minds.

 

They are no longer putting any faith in paper gold and this is being seen in all quarters with reports from virtually all continents of demand exceeding supply of physical metal, and some hefty premiums being applied on sales of gold bullion.

 

Add to this particularly strong demand from Asia - reports have put the volume of deliveries into the Shanghai exchange so far this year of over 1,000 tonnes as actually exceeding estimated new mine production over the period.

 

Now whether this is indicative of actual Chinese demand, or perhaps a liquidation of gold held in the Western ETFs and it being moved into what might be deemed as safer depositories elsewhere is uncertain for the moment ...

Hal's insight:

Please click through for the rest of the article. 

 

But what is becoming clear to me is how many people around the globe were ecstatic for that price drop. That gives us some insight into how many are viewing the current global economic condition.

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‘My belief in gold as a monetary asset has not wavered’ - Greg Orrell Mineweb.com

‘My belief in gold as a monetary asset has not wavered’ - Greg Orrell Mineweb.com | Gold and What Moves it. | Scoop.it

The Gold Report: How has your bullish view on the gold sector evolved as a series of crises has jolted both the international stock market and the price of gold?


Greg Orrell: First off, my belief in gold as a monetary asset has not wavered. Japan basically admitted that it is bankrupt with its intention to aggressively debase its currency. Normally such actions would invoke, and may still, a race to the bottom as each country engages in economic warfare to deal with its debt issues. At this juncture the fear of global deflation among the G7 crowd remains its worst nightmare, especially as additional stimulus by the Federal Reserve is showing diminishing returns. With high debt levels in both the private and public sectors around the world, stimulating economic growth is proving elusive. These alarming events are setting the stage for the next leg up in the dollar gold price, in my opinion. The fiscal and monetary crisis is ongoing and underscores the necessity of owning gold assets. ...

Hal's insight:

To read the full interview click over for the rest.

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Jesse's Café Américain: Reinventing Bretton Woods: Global Finance In Transition - Currency Wars - Exorbitant Privilege

Jesse's Café Américain: Reinventing Bretton Woods: Global Finance In Transition - Currency Wars - Exorbitant Privilege | Gold and What Moves it. | Scoop.it

As you may recall, Bretton Woods was the name of the conference, taken from its location, that set up the post World War II international currency arrangement with the US dollar as the reserve currency of the world. It was based on a dollar convertible in gold.

When Nixon arbitrarily shut the 'gold window' in 1971 the world entered a reserve currency system of purely fiat dollars, often called Bretton Woods II.

There are a number of theories that suggest that such a system is not sustainable, for many of the same reasons that the euro is not sustainable.

But putting that aside, the BRICs in particular are not happy with the existing arrangement which has been slowly falling apart for some time as the Federal Reserve imposes its domestic needs and policy on what is intended to be the rest of the world's currency. It finds itself in much the same position as is Germany in the EU.

I have addressed this many times before, suggesting that the eventual outcome will be a reconstituted SDR like instrument with a broader basket of currencies and the inclusion of gold and perhaps silver as well.

The Anglo-American banking cartel are fighting this at every turn, because as we know to control the world's currency brings remarkable power. I suspect quite of bit of the hysterical antagonism against gold and silver is tied up in this.  And an ardent desire to 'cover up' some of their past shenanigans.  Germany should put pictures of its gold on milk cartons. ...

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Comex Physical Drain Accelerates—With Over $7.8B In Gold Disappearing From All Depositories | Bull Market Thinking

Comex Physical Drain Accelerates—With Over $7.8B In Gold Disappearing From All Depositories | Bull Market Thinking | Gold and What Moves it. | Scoop.it

As the headline battle between paper sellers and physical buyers of gold escalates, something eerily strange is continuing behind the scenes.

 

As first reported here on April 9th, Comex gold inventories have been plummeting, demonstrating the highest levels of physical removal ever during a single quarter in Q1, 2013.

 

Most shocking however, is that Comex warehouse inventories are accelerating their downward plunge, with dropping inventories now spreading to the world’s largest fund depositories.

 

Over the last four weeks alone, total reported inventories of ETFs, funds, and depositories collapsed by over 5.5 million ounces, or in dollar terms, by over $7,000,000,000 dollars.

 

The largest physical removals were reported by the Comex at about 1.4 million ounces, or nearly $2 billion dollars, and the GLD, which reported total inventory removal of nearly 4 million ounces, or roughly over $5.6 billion dollars. ...

Hal's insight:

Click through for the charts and rest of the article

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