Bullion Trickles Out of Gold ETF

Inventory at the SPDR Gold Shares ETF (NYSEArca:GLD) fell by another 10.4 tonnes yesterday, its seventh straight decline since early June for a total outflow of 24.2 tonnes
As shown above, the massive additions in the first quarter (a stunning 347.2 tonnes) were followed by a leveling out in the second quarter (actually, down 6.9 tonnes).

Early indications for the third quarter are not good for this important, relatively new source of gold demand as the stockpile is 10.8 tonnes lower than it was on June 30th.

In the scheme of things, the recent decline doesn't amount to much as the "tonnes in the trust" have held quite steady as the gold price made two assaults on the $1,000 mark earlier in the year, now looking like it wants to test the $900 level.
We'll find out what happens soon enough - we are entering the worst few months of the year for gold prices followed by the best few months at the end of the year, so, lower prices, then higher prices would be a very safe call when considering seasonal factors.

There's a very favorable article in the Wall Street Journal today on the subject of investing in the yellow metal (hat tip NG) - that will be the subject of the next item that you see here.

Comments

[paxjds:]

GLD
Barnum and Bailey rides again.
Buy real gold, not a promisary note from a bank is should be bankrupt if it were not for government.

Jul 10 09:23 AM

[5142152-337:]

Investors: Take another HARD look at the perils of investing in ETFs!

If you are still on the fence, then I suggest you read the following two sites that will enlighten you on those perils. Good luck! Me, I'm buying only PHYSICAL gold and silver...as much as I can get my hands on.

butlerresearch.com/arc...
silverstockreport.com

Jul 10 12:16 PM

[TinyTim:]

If I was worried enough to invest in precious metals, I sure wouldn't settle for anything but the real thing.

Even these so called committed reserve depositories have issues.

Jul 10 05:33 PM

[goldrealmny:]

Little gullible pinheads (or complicit shills) who actually believe the corrupt treacherous scumbag leeches that run our banks buy and store physical gold and silver for their Fool's Gold ETFs greatly amuse me.

Banksters HATE precious metals. They DON'T want the people to physically own it. THEY want it all for themselves. The idea that banksters would conceive of a way to share this wealth with the people they rob with inflation and crappy irredeemable fiat paper is PREPOSTEROUS. The idea is a KNEE SLAPPER!

Banksters tricked many billions of dollars worth of money into buying worthless pieces of paper which otherwise would have bought PHYSICAL METAL and squeezed this already thin market.

Banksters exist for one reason only: create worthless pieces of paper out of thin air and then loan it to govts, corporations, and individuals who pay interest for the priviledge of having worthless pieces of paper created out of thin air.

Then the govt taxes you for that priviledge. Its a racket that makes Madoff look like a car thief.

Jul 12 01:14 AM