David Lentz

Still No Inventory Reduction at GLD

gold data from nma.org/pdf/gold/his_g...
inflation data from inflationdata.com/Infl...

"year","inflation rate","gold price","gold priced to adjust for inflation"
1914,1.35%,18.99,19.25
1915,0.92%,18.99,19.43
1916,7.64%,18.99,21.04
1917,17.80%,18.99,25.5...
1918,17.26%,18.99,30.9...
1919,15.31%,19.95,36.5...
1920,15.90%,20.68,43.4...
1921,-10.85%,20.58,39....
1922,-6.10%,20.66,36.9...
1923,1.80%,21.32,37.6
1924,0.45%,20.69,37.77
1925,2.44%,20.64,38.71
1926,0.94%,20.63,39.08
1927,-1.92%,20.64,38.3...
1928,-1.15%,20.66,37.9...
1929,0.00%,20.63,37.91
1930,-2.66%,20.65,36.9...
1931,-8.94%,17.06,33.9
1932,-10.30%,20.69,30....
1933,-5.09%,26.33,29.2...
1934,3.51%,34.69,30.31
1935,2.56%,34.84,31.1
1936,1.04%,34.87,31.43
1937,3.73%,34.79,32.65
1938,-2.01%,34.85,32
1939,-1.30%,34.42,31.5...
1940,0.73%,33.85,31.83
1941,5.11%,33.85,33.54
1942,10.97%,33.85,37.6...
1943,6.00%,33.85,40.08
1944,1.64%,33.85,40.74
1945,2.27%,34.71,41.69
1946,8.43%,34.71,45.53
1947,14.65%,34.71,53.3...
1948,7.74%,34.71,57.82
1949,-0.95%,31.69,57.2...
1950,1.09%,34.72,57.91
1951,7.88%,34.72,62.86
1952,2.29%,34.6,64.33
1953,0.82%,34.84,64.87
1954,0.32%,35.04,65.07
1955,-0.28%,35.03,64.8...
1956,1.52%,34.99,65.89
1957,3.34%,34.95,68.17
1958,2.73%,35.1,70.08
1959,1.01%,35.1,70.8
1960,1.46%,35.27,71.85
1961,1.07%,35.25,72.62
1962,1.20%,35.23,73.51
1963,1.24%,35.09,74.43
1964,1.28%,35.1,75.39
1965,1.59%,35.12,76.61
1966,3.01%,35.13,78.99
1967,2.78%,34.95,81.25
1968,4.27%,39.31,84.87
1969,5.46%,41.28,89.78
1970,5.84%,36.02,95.34
1971,4.30%,40.62,99.63
1972,3.27%,58.42,103
1973,6.16%,97.39,109.7...
1974,11.03%,154,123.36
1975,9.20%,160.86,135....
1976,5.75%,124.74,144....
1977,6.50%,147.84,154....
1978,7.62%,193.4,166.8...
1979,11.22%,306,187.98
1980,13.58%,615,217.52
1981,10.35%,460,242.63
1982,6.16%,376,258.56
1983,3.22%,424,267.16
1984,4.30%,361,279.17
1985,3.55%,317,289.44
1986,1.91%,368,295.08
1987,3.66%,447,306.29
1988,4.08%,437,319.32
1989,4.83%,381,335.52
1990,5.39%,383.51,354....
1991,4.25%,362.11,370....
1992,3.03%,343.82,381....
1993,2.96%,359.77,393....
1994,2.61%,384,404.15
1995,2.81%,383.79,415....
1996,2.93%,387.81,428....
1997,2.34%,331.02,438....
1998,1.55%,294.24,445....
1999,2.19%,278.98,455....
2000,3.38%,279.11,471....
2001,2.83%,271.04,485....
2002,1.59%,309.73,493....
2003,2.27%,363.38,504....
2004,2.68%,409.72,518....
2005,3.39%,444.74,536....
2006,3.24%,603.46,554....
2007,2.85%,695.39,570....