Registered Gold at the Comex Long Term Chart

Someone asked me about this, and while I do not keep a history of it, I found a decent historical chart of the registered gold inventory at the COMEX on the web site Conscience Sociale.

For your reference the number of registered ounces in the COMEX warehouses yesterday was approximately 1,360,000.

Gold Daily and Silver Weekly Charts - Quiet on Option Expiration

The vampire squid (aka Goldman Sachs) came out yesterday and announced that gold is 'overvalued.'

It did not result in a big sell off as perhaps was intended, although the metals were under pressure for their Comex option expiration.

Registered gold held for delivery was down to a new recent low at 1.36 million ounces. Perhaps the Street wants to provoke another paper sell off to justify the release of more bullion from the GLD ETF.

With physical gold in short supply anything that triggers buying could ignite quite the short covering rally. I think the long stocks - short gold cross trade is getting a bit tired.

Let's see what happens.

 

SP 500 and NDX Futures Daily Charts - 'Better Than Expected' For 'Rally Tuesday'

The Consumer Confidence number from the Conference Board came in 'better than expected' as well as the volatile durable goods and new housing prices.

Interesting that good news was not interpreted negatively as it has been of late. Maybe that was because it is 'rally Tuesday' today.

NAV Premiums of Certain Precious Metal Trusts and Funds - Comex Option Expiry - Bazinga

Just another Comex option expiration.

There are two things that are fascinating at the moment.

The first is watching the declining inventory of registered gold at the Comex. Although keep in mind that there is a much larger store of eligible bullion there that could be switched to registered and available for sale at the right price.

And the second is the worldwide manhunt for Edward Snowden. It is fascinating, especially if you can watch it from some objective distance and see the propaganda campaign that goes with it.   Why is the great reformer possessed by an almost Nixonian desperation for secrecy?

Curiouser and curiouser.

The Search for Edward Snowden