NAV Premiums of Certain Precious Metal Trusts and Funds

The selling action overnight was purposeful and determined.

To what purpose?  'Asset stripping' is one possibility, and not only from ETFs.

Let's see what happens to the global mining sector.

As I noted in a post last night, gold has now corrected back to the 'cup and handle' which was the point at which it broke out. I suspect we will find a footing here, but it is hard to tell since the trade is so disconnected from the physical market. I hear that in Vietnam overnight gold prices were running $230 over 'spot.'

Secrecy

We may wish to recall these words at this time.

Gold: Back to the Top of the Cup - Overnight Paper Bear Raids Free Up Bullion from the ETFs

Remember this chart?

This is the cup and handle formation that led to the big breakout and rally in gold, the point from which gold 'slipped the leash.'

And here we are testing that handle again.

Each time they smack down the paper prices of gold and silver, they free up bullion from GLD and SLV.  I wonder who decides where and how that bullion is sold into the market. 

With TOCOM and COMEX scraping the bottom of their deliverable inventory, and big drawdowns on the customer inventory held at JPM,  the release of tonnage from the ETFs matters.

Who is the custodian for GLD again?  Oh yeah. 

If and when gold finds a footing, it will be interesting to see who is holding bullion, and who has had it stripped away by this price operation that started in October of last year. 

I suspect its purpose was 'to save the system' which is another word for the Banks who were caught short on that big run higher.

But this is all for conjecture for now.  Let's see what happens when it happens.

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.