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Katchum
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Albert Sung is the author of Correlation Economics, monitoring breaking economic news on a day to day basis. He started investing in 2008 because of the economic crisis and holds a masters degree in chemical engineering. Previously, he worked several years as a process engineer at Ashland, a... More
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Correlation Economics
  • Total Gold Stock At COMEX Hits New Low 0 comments
    Feb 19, 2013 3:43 PM | about stocks: GLD, SLV

    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).

    (click to enlarge)
    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.

    Stocks: GLD, SLV
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