An example of the Dark Bullion Effect (GLD)

The GLD inventory the other week had a small uptick of inventory - just 96 gold bars - not much in the scheme of things but enough to do an analysis of 'where did those bars come from?'.

I consider the dark bullion effect significant because it invalidates more than one general thesis out there (about the metals). For anyone new to the discussion, I am defining dark bullion as 'A bar previously known and registered, re-appearing on a list after an absence.' I stand resolute on this topic simply because the signal (of the dark bullion effect) is unmistakeably clear and provides a different view of metal inventories - I have been pursuing this ever since I first detected the effect in 2011, and I want to talk about it more, with the hope that with enough discussion we might be able to squeeze some secrets out of the data.