This is part 2 of a perspective on GLD's inventory you won't find anywhere else on the internet; an edutainment series using the ETF bar list data as a base. In Part 1 we looked at what occurs when we look at a specific set of inventory, here is the updated graph (using the data from July 2013). This time I have added some extra data points to help accentuate that the line indicates the measurement
between two chosen points only. The additional measurements show bullion for a shorter 2-year range.The last few months of removals has started cutting into GLD stock originally accumulated more than two years ago (i.e. this is shown where the corner meets the inventory curve), whereas that wasn't the case in February. For our 'overall' measurement, the dark yellow line has moved DOWN (from dotted line) since last month, so we can say that over 1,000,000 ounces of gold removed in the last month, was taken from stock present prior to June 2011. But while this is interesting, it is no particular conspiracy as it just reflects the fact a lot of gold is being de-listed.
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| Also bear in mind this chart summarizes a lot of detail. Don't read into the figures too much. |
