You know what is very interesting? The registered gold at the COMEX hit a fresh new low. In just 1 day, the COMEX lost 20% of its total physical gold holdings.
We are now at a point that the COMEX could default instantly!
Eligible to registered gold leverage is now 15, a jump from 11 to 15, just in one day. You tell me if this is going to be sustainable.
If we look at open interest, we have 385432 or 38543200 ounces of gold against 490126 ounces of registered gold at the COMEX. That's a leverage of 38543200/490126 = 79. Up from 67 a month ago.
On the premium side we still see record silver premiums, both at APMEX and Shanghai:
And now even in gold. Here we go Arbitrage Opportunity, you can bet the GLD gets raided now until all the gold at the GLD ETF is gone.
Indeed, the GLD ETF is being raided again.
And by the way, the GLD outflows mean nothing, when the Chinese buy an ever increasing amount of gold at the same time.