[just a quick post] I've been chasing a lot of things lately, but primarily I've been trying to unlock patterns in the GLD bars list data. The 'dark bullion effect' is easy to measure but difficult to understand. Below is an infographic that I've been meaning to release regarding the 2013 calendar year. It is significant because for the most part of the year, most of the new 'additions' came from bars which had already been seen in the inventory. This is not specifically surprising by itself considering that so much had been removed, but it just demonstrates there is a really large stock of gold in London and that it doesn't necessarily all vanish instantly to China. In terms of visibility, interpreting the gold market through the ETF volumes alone is like trying to figure out how a department store operates by studying it through the retail window display.
