Seeking Alpha

With no CTFC reports, look to ETF flows for gold

  • The shutdown means no weekly CFTC reports on trader positioning, but gold ETF flows are reported on a daily basis, says Commerzbank. Last week's selloff saw heavy COMEX trading volume, with the bank suggesting large sell orders being placed as the price breached the $1,300 level. This was accompanied by 7.6 tons of ETF outflows on Friday, meaning holdings have already fallen by about 20M tons since the start of October.
  • The stalling of budget deal progress has seemingly given a bid to gold this morning, and it's ahead 1.2% to $1,283 per ounce.
  • GLD +1.1%.
  • Gold ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.
Comments (9)
  • ddearborn
    , contributor
    Comments (124) | Send Message
     
    Hmmm

     

    When the government raises the debt ceiling gold will explode upward. Of course because there has been no reporting the moves of the insiders are hidden. Couple this with the huge amount of time ( "public" )corporations are allowed before they report the purchase and sale of stocks and you have the perfect set up for gold miners to return 1000 percent in a few weeks.

     

    On the other hand the government may continue to turn a completely blind eye to all the market manipulations ongoing in the precious metals sector. LIke the millions of dollars of paper dumped on the market last friday 10/11/13 in a few minutes early in the morning. Just like the hundreds of millions of phony paper dumped on the market precisely timed in conjunction with what ever bad news that should have pushed gold much higher. This has been repeated numerous times since 2011. Clearly without the insider market rigging gold would be approaching $3000 today. They can't go on for ever. Sooner or later it will get out of control........
    14 Oct 2013, 10:55 AM Reply Like
  • Sammyboy12
    , contributor
    Comments (48) | Send Message
     
    It is absolute rubbish to link paper movement to movement of gold and therefore prices. If people awakened and realised that this is one bad mad hatter's tea party trick, those of us who hold the real thing would be witness to the fact that our gold has not moved from one room to another, that it is still in our safes and that the "shrinking pill" is in fact a laxative. As you say, ddearborn, "hold onto your hats and tighten your bike clips!"
    14 Oct 2013, 11:23 AM Reply Like
  • CassandraSees
    , contributor
    Comments (294) | Send Message
     
    I agree - - We have no idea what "paper" moves/gambles (options, futures, etc) the ETF's have been playing behind the scenes and which pressures are now pushing them to sell - - If you want the "real" thing, then the lower the price is pushed, the better it will be for the buyers
    14 Oct 2013, 01:43 PM Reply Like
  • brucerappaport
    , contributor
    Comments (8) | Send Message
     
    The gold market is treacherous at this time.
    14 Oct 2013, 11:40 AM Reply Like
  • filipo
    , contributor
    Comments (2743) | Send Message
     
    "They" are really getting annoying.
    More than one month ago I ordered a tiny little bit of physical gold and today I got notice from my trader that he still can't deliver.
    I don't know how the situation is in the US, but over here the gold market is almost non-existing, not because of a lack of buyers, but because of a lack of gold.
    This is the second time (April 2013 was the first) I experience that.
    In normal circumstances the gold price would soar but now he languishes. "They" are killing the markets with their shenanigans.
    14 Oct 2013, 02:00 PM Reply Like
  • ltsgt1
    , contributor
    Comments (1372) | Send Message
     
    This is a little strange. There seems to be no shortage whatsoever here in the US. I just bought another 5 ounces for $1308 - Krugerrand.

     

    I think many countries in Europe are wavering from the "gold suppression cause" and are reluctant to further erode their gold reserve. Our politicians here have lost their minds. They refuse to be responsible and mock European's austerity. I suspect the fed are draining our gold reserve to sustain the appearance of normalcy a little longer.
    14 Oct 2013, 03:42 PM Reply Like
  • filipo
    , contributor
    Comments (2743) | Send Message
     
    ltsg1,
    You could be right.
    Even Italy who, with its high current account deficit isn't the best pupil in the class, economically and financially speaking, recently declared that it was out of the question to sell one oz of it's gold reserve.
    The WGC recently disclosed that over the last 3 years only 5 tonnes was sold by Germany to be coined.
    So I guess, since no one wants to sell here, there must be a real shortage and the only gold that gets onto the EU market must come from overseas, probably from the US warehouses.
    As to austerity, of course it's never pleasant to be Greek these days, but at least it makes people behave in a financially responsable way. Free money often leads to wasting that money.
    So, yes, I agree with you that eventually a limited form of austerity should give better results than letting entitlements skyrocket.
    14 Oct 2013, 04:37 PM Reply Like
  • ailnyckyj
    , contributor
    Comments (42) | Send Message
     
    If it was up to me I would let the USA to default and who cares except the bankers will no longer steal money from the taxpayers. This entire government is so corrupt that we need to start all over again and get rid of The so called Federal Reserve which is a private corporation owned by the major banks in the world. These bankers and the corrupt congress have destroyed our nation.
    14 Oct 2013, 07:17 PM Reply Like
  • 6151621
    , contributor
    Comments (1169) | Send Message
     
    With or without CFTC nothing has changed for gold. Manipulation wasn't stopped before but now it should be easier unless manipulators were shutdown at the same time CFTC was shutdown?!
    15 Oct 2013, 12:42 AM Reply Like
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