As predicted here, the total gold stock plunged to the lowest stock level since I monitored the COMEX, namely: 10676012 troy ounces.
This was of course obvious when J.P. Morgan swapped eligible gold into registered gold a few weeks ago.
(Probably Soros is selling his GLD and now taking delivery...)
|Chart 1: Gold COMEX|
On the silver front we still see a huge increase in stock (and therefore also increase in open interest) (Chart 2).
|Chart 2: Silver COMEX|
It's surprising to see this huge divergence between silver and gold. I don't know what it means...
Disclosure: I am long AGQ.