A recent article noted that flagging clearing volume for gold in London indicates a 'lack of interest' in the precious metals.
But does it really?
I think that anything like this must be viewed in the context of the global markets.
As has been shown here earlier, the 'float' of freely available, unencumbered physical gold has been declining in London and in New York, while at the same time volumes and delivery of physical bullion in Asia has been increasing.
So, is it demand for gold in decline, or is the real trading action in physical bullion moving from London and New York to the increasingly robust metals markets in Asia?
Gold is moving from West to East. And so is the locus of physical trading in these metals.
This is the other interpretation of the same facts within a broader context.