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SPDR GOLD Holdings : Update and Charts

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20131102_TTMYGH3.jpg

 

The gold in London is heading somewhere — and it's heading there via Switzerland, by the looks of it.

...

The chart below shows seasonal gold price performance since 1969. (Although the data stops at 2010, so that there are a couple of down years missing, the pattern is the important thing here.) I have laid the chart out from September to August to better illustrate the phase we are moving into.

October has traditionally been the weakest month of the year, while November through January has been the strongest period:

20131102_TTMYGH4.jpg

So, how does this all play out?

Well, I've been watching this situation unfold through most of this past year with an increasingly bemused look on my face, because the numbers just don't add up. But so far, despite clear evidence of massive demand for physical gold, "The Gold Price" has continued to trade poorly. However, the longer this situation persists, the more definitely it will resolve itself; and it's very hard to see how that resolution ends in anything but higher prices.

Demand levels from Asia continue to soar while production increases just a couple of percent each year; and leaving aside Indian festivals and increasing central bank purchases, the fiat alternative to gold bullion — the US dollar — is coming under renewed pressure in the wake of the Taper That Never Was and the appointment of Janet Yellen as Ben Bernanke's successor.

...

But, like the infatuation America had with the Monkees in 1967, this fascination with the fiat dollar will prove to be nothing more than a passing fad; and one day — perhaps soon — the citizens of the West will, like their cousins in Asia and the Indian subcontinent, realize that there really is no alternative to sound money.

The only problem is, when the realization finally dawns, where will all the gold be?

 

/source: http://www.zerohedge.com/news/2013-11-03/things-make-you-go-hmmm-indias-gold-refuge-establishment

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CHINA's LOVING the Low Gold prices

 

Mainland's direct flows swell gold imports

 

+ Mainland China is set to pass India as world's top Gold importer, by 20%

 

+ Bullion imports thru Hong Kong have tripled to 855 tonnes in the year to Sept.

 

+ Direct shipments (not thru HK, mostly Shanghai) have also soared to 133 tonnes

 

+ These figures exclude gold bought by People's Bank of China (central bank),

which has been estimated at 300 tonnes

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Date- : GLD pr. : Spot-Mid : Ratio : Tonnes : x 32,150 : US$-Value : SharesOS / Chg.GLD : Chg.OZ : Chg.Value
2012:
12/31 : $162.02 : 1664.0 * : 10.270 : 1,351.0 : 43.44 Mn : $75.08 Bn : 463.4mn / ( changes below, vs. Year-End)
2013:
03/28 : $154.47 : 1598.25 : 10.347 : Lon.PM
06/28 : $119.11 : 1192.00 : 10.000 : Lon.PM
07/05 : $118.09 : 1223.10 : 10.357 : 0,962.0 : 30.93 mn : $37.49 Bn : 317.5mn / - 27.11% : - 28.80% : - 50.07%
08/02 : $126.36 : 1313.40 : 10.394 : 0,918.6 : 29.54 mn : $38.65 Bn : 305.9mn / - 22.01% : - 32.00% : - 48.52%

11/22 : $120.00 : 1242.65 : 10.355 : 0,852.2 : 27.40 mn : $34.14 Bn : 284.5mn / - 25.93%: - 38.61% : - 54.53%

====

That's a big change in Capital devoted to GLD !

This big Gold fund just keeps shedding Value ! Down 54.5% for the Year to date.

Meantime, the Gold it holds in storage fell -38.6%

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======== Last WEEK's MOVES : === on Friday 11/29 alone =====

GLD: 119.92 : - =.53% / 120.70 : + 1.24 : +1.24% / 2.35 M
GDX: $22.25 : - =.79 % > $22.28 : + 0.47 : +2.15% / 20.8 M
Ratio : 5.390 : + =.62 % / R 5.417 :

SPRD: 852.21 : - =.31 % / 843.21 = 27.109 million oz. Gold stored

 

 

http://jessescrossroadscafe.blogspot.co.uk/2013/11/gold-bullion-etf-and-fund-drains-from.html

 

Gold Bullion ETF and Fund Drains From the Beginning of 2013 - Comex Registered at 69 to 1

deliver3.jpg
"We must always tell what we see. Above all, and this is more difficult, we must always
see
what we see."


Charles Péguy


The first chart below shows the amount of gold that has been taken out of the vaults of various funds and ETFs since the beginning of this year.

The number in black is the total number of tonnes that have been removed from their vaults, presumably to be sold off into the market, most likely heading for points East based on the import export data which we have seen.

The number in red is the percent decline in the fund or ETF total inventory this year.

The more I look into this, the more I see the fingerprints of a few Western bullion banks, with their activities centered in New York and London, with some minor involvement from the Swiss.

Physical supplies are a bit thin. That seems to be clear from various analyses of flows of gold from West to East. Even with the steep price declines in silver, there is absolutely nothing comparable to this happening with the silver ETFs and Funds.

I read a bank analyst opinion today that the declines in gold bullion inventory show 'investor disenchantment' with gold bullion. That might be more credible if the supplies of bullion held in these funds were not primarily determined by bullion banks, who are also playing the markets for their own books.

I am fascinated at the apparent repeal of the law of supply and demand.

The lack of reform in the financial system is strangling the real economy, and perverting the minds and hearts of weaker willed men and women who destroy their own selves in the service of 'easy money.'

One wonders where the gold will be obtained when this trend reverses. Venezuela seems to be willing to swap its sovereign wealth into the market. Germany and a few other countries are already there.

Weighed and found wanting.

Stand and deliver.

GoldETFs.png

As always, this data is supplied by master data wrangler Nick Laird at Sharelynx.com.

This comes from a much larger chart of almost every major gold bullion publicly disclosed vault. I carve out those with major holdings and present them individually on the chart above. The master chart provides the 'big picture' and includes vaults with little activity, such as the Central Fund and the Sprott Fund.

etfstackedtotalau02.php.png

 

 

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:Date- : GLD pr : Spot-Mid: Ratio: Tonnes: x32,150, FallinOz: US$-Value: Shs.OS/ Chg.GLD: Chg.OZ: Chg.Value
2012:
12/31: $162.02 : 1664.0 * : 10.270 : 1,351.0 : 43.44, - 0.00 Mn : $75.08 Bn : 463.4mn / ( changes below, vs. Year-End)
2013:
03/28: $154.47 : 1598.25 : 10.347 : Lon.PM
06/28: $119.11 : 1192.0K*: 10.008 : Lon.PM
07/05: $118.09 : 1223.10 : 10.357 : 0,962.0 : 30.93, - 1.79 mn**$37.49 Bn : 317.5mn / - 27.11% : - 28.80% : - 50.07%
08/02: $126.36 : 1313.40 : 10.394 : 0,918.6 : 29.54, - 1.39 mn : $38.65 Bn : 305.9mn / - 22.01% : - 32.00% : - 48.52%
08/30: $134.90 : 1394.8K* 10.340 : 0,921.0 : 29.61, +0.07 mn : $39.94 Bn : 3== mn / - 16.74% : - 31.84% :
09/27: $127.96 : 1341.0K* 10.479 : 0,906.0 : 29.13, - 0.48 mn : $37.27 Bn : 3== mn / - 21.02% : - 32.94% :
10/31: $127.74 : 1324.0K* 10.365 : 0,872.0 : 27.85, - 1.28 mn : $35.58 Bn : 3== mn / - 21.16% : - 35.89% :
11/29: $120.70 : 1251.80 : 10.371 : 0,843.2 : 27.11, - 0.74 mn : $33.96 Bn : 281.4mn / - 25.50%: - 37.59% : - 54.77%
12/31:
=================
*K : Source is Kitco, London p.m. price

** : Average monthly fall in Gold oz. held by GLD: 43.44 -30.93= 12.51 / 7 = 1.79 mn ounces (thru July'13)

 

GLD has shed 16.33 million ounces since year end.

That is a monthly rate of about 1.5 million oz. and is annualised at 17.8 million oz.

 

That's about 20.5% of estimated annual Gold production of 87 Million ounces.

 

 

======

* World : 2.700 mn tonnes : x 31.25k = 87 Million oz.
: China : 0,
======

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GOLD Manipulation - remarks by John Mauldin (things that make you go hmm..)

 

November 1961 Gold Pool Agreement

 

The agreement became known as the London Gold Pool, and it had a very explicit purpose: to keep the price of gold suppressed "under control" and pegged regulated at $35/oz. through interventions in the London gold market whenever the price got to be a little ... frisky.

The construct was a simple one.

 

The eight central banks would all chip in an amount of gold to the initial "kitty." Then they would sell enough of the pooled gold to cap any price rises and then replace that which they had been forced to sell on any subsequent weakness.

 

The United States — which at that stage owned roughly 47% of the world's monetary gold (excluding that owned by the Soviet bloc) — promised to match every other bank's contribution, ounce for ounce. The value of the US gold hoard was very easy to calculate, thanks to the fixed price of gold at the time ($35):

$17,767,000,000.

Or, put another way, roughly 6 days' worth of QE.

 

However, somewhat remarkably, only seven years prior, the United States' gold hoard constituted 72% of the world's gold (ex-those pesky Soviets) and was worth an additional $7,000,000,000. More than $5,000,000,000 had been sold between 1958 and 1960.

The other tiny problem, what with the dollar's being convertible into gold and all, was that official institutions, banks, and private holders abroad had roughly $19,000,000,000 of short-term and liquid dollar claims.

 

So... the US Federal Reserve offered to match the contributions of Happy, Bashful, Grumpy, Sleepy, Dopey, Greedy, and Doc the other seven central banks, which meant that, at its inception, the London Gold Pool looked like this:

 

Country---------- :
--------- Contribution: Tons : Ounces : Value (1961)
United States--- : 50% : 120 : 3.86Moz : $135 mln (=$35/ oz.)
Germany-------- : 11% : 027 : 868K oz : $ 30 mln
United Kingdom : 09% : 022 : 707K oz : $ 25 mln
France----------- : 09% : 022 : 707k oz : $ 25 mln
Italy--------------- : 09% : 022 : 707K oz : $ 25 mln
Belgium---------- : 04% : 009 : 289K oz : $ 10 mln
Netherlands----- : 04% : 009 : 289K oz : $ 10 mln
Switzerland------ : 04% : 009 : 289K oz : $ 10 mln
======
TOTAL---------- : 100% : 240 : 7.72Moz :$270 mln (=$35/ oz.)

 

> http://www.mauldineconomics.com/ttmygh/twisted-by-the-pool

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UPDATE - at Friday after the recent test of the LOW below $1200

.

Spot-mid: $1254.10 / GLD : $120.86 : > > (Date: 11 Dec. 2013)

Au/GLD Ratio : 10.379
Ounces held - : 26,801,229 / 833.61 tonnes : = 32,150
Gold Value --- : $33.77 Billion
Shares outst.- : /$120.86 = 279.4 milllion :
Spot-mid: $1202.47 / GLD : $115.94 : > > (Date: 20 Dec. 2013)
Au/GLD Ratio : 10.371
Ounces held - : 26,174,741 / 814.12 tonnes : = 32,150
Gold Value --- : $31.28 Billion
Shares outst.- : /$115.94 = 269.8 milllion :

===================

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(1)

Jim Willie's Swiss contact "The Voice", says that:
China may be holding 15,000 tons of Gold (nearly 10% of World Gold?)
That's maybe 10X the concensus estimate
===
The Voice says:
"Much of this is Gold that was "improperly used by Western banks... now returned to China."
During 4 months in 2013, about 4,000 tonnes a month were being moved
(2)
A Surprise ?

SCMP has an article today saying:

GOLD Imports into mainland China thru HK dropped 42% to below 100 metric tonnes last month

That's 76.39 tonnes, down from 131.19 tonnes in October

They speculate that "banks have used up their quotas"

(But at the same time, we seem to have seen a shift INTO Bitcoins, by Chinese investors.)

More recently, Bitcoin investing by Chinese may be WAY DOWN

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The VALUE of Ounces held by SPRD Gold trust fell by an amazing -59% in 2013:

 

TRACKING GOLD : Near Month end

============================
Date- : GLD pr: Spot-Mid: Ratio : Tonnes: x32,150, FallinOz: US$-Value: Shs.OS/ Chg.GLD: Chg.OZ: Chg.Value
2012:
12/31: $162.02 : 1664.0 * : 10.270 : 1,351.0 : 43.44, - 0.00 Mn : $75.08 Bn : 463.4mn / ( changes below, vs. Year-End)
2013:
06/28: $119.11 : 1192.0K*: 10.008 : Lon.PM
12/31: $116.12 : 1205.32 : 10.380 : 0,798.2 : 25.66, - 1.45 mn : $30.82 Bn : 265.4mn / - 28.33%: - 40.93% : - 58.95%
============================
*K : Source is Kitco, London p.m. price

** : Average monthly fall in Gold oz. held by GLD: 1.8 mn oz ; 43.44 -30.93= 12.51 / 7 = 1.79 mn ounces (thru July'13)

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CHINA is now allowing foreign banks to import gold

 

- Will this speed up the pace?

 

Licences were granted to: ANZ, and HSBC

And local bank, Everbright Bank was also granted a license

 

(Yet an overall quota remains in place, and this has recently led to Gold

prices in China trading at a $15 premium to the Global spot price.)

 

China imported 1,060 tonnes of gold (just under 100 mt per month)

in the first 11 months of 2013

 

- story in today's HK Standard

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World gold production ... was reported or estimated at:


==== : Tonnes : Pct.Tot'l : Ounces : Year end

2010 : 2,560 mt : 1.51% : 80.0 mn : $1410.25

2011 : 2,700 mt : 1.59% : 84.4 mn : $1574.50

2012 : 2,861 mt : 1.68% : 89.4 mn : $1664.00

2013 : 2,920 mt : 1.72% : 91.3 mn : $1201.50

2014 : 3,000 mt : 1.76% : 93.8 mn :

==========

Tot'l : Total Gold, assumed to be 170,000 mt




In 2013, China imported Gold equal to about 36.3% of production - plus: China is now the largest Gold producer, producing about 400 tonnes p.a. Obviously, the imported gold includes some gold produced in prior years as well.

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/ a quiet weak, apart from rising PHM /

==== Last WEEK's MOVES ==== : = on Friday 01/31 alone = :

GLD : 122.29 : - 1.80 % / 120.09 : +0.32 : +0.27% / 7.83 M

GDX : $23.67 : - 0.80 % > $23.48 : - 0.01 : -0.04% / 28.10 M

Ratio : 5.166 : - 0.97 % / R 5.115 :

Gdxj : $36.26 : - 2.40 % / $35.39 : - 0.06 : -0.17% : 1.637 M

SPRD: 790.46: + 0.34 % / 793.16 = 25.501 mn oz. Gold stored

 

DXY- : 80.478 : + 0.96 % / 81.252: + 0.202 : +0.25 % : N / A

===================

 

It is bullish (somewhat) to see SPDR gold holdings rising, when GLD fell

=

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China Gold Demand Note:

 

"China overtook India as the world's largest Gold consumer last year, with demand reaching 1,065.8 tonnes, a gain of 32 per cent over 2012 and ahead of India's 974.8 tonnes. Under WGC statistics, China's gold demand for the three years from 2011 to 2013 was 2,654.4 tonnes. If about 1,000 tonnes of this was related to (China's) financing deals, that represents about 38 per cent of the total."

 

"This ought to be of massive concern to any gold bulls*, given much of the optimistic case for gold is built on ongoing Chinese demand. To learn that 2 out of every 5 tonnes bought by China was for use in an inherently, and increasingly, risky shadow banking practice doesn't augur well for arguments that Chinese demand is moving sustainably higher."

 

"Last year's 28 per cent plunge in gold prices was largely put down to investors selling out of exchange-traded funds, with the WGC saying that 880.8 tonnes was liquidated."

 

"... there could still be 1,000 tonnes of gold that could potentially have to be sold if financing deals go sour."

 

- Clyde Russell, Reuters

 

== ==

*Assuming the (highish?) estimate is correct, and that sort of demand is now falling sharply

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xx

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GLD / Gold versus etf Holdings

 

Gold-in-Exchange-Traded-Products.png

 

Weekend Results - SPDR Gold Holdings
(see data - on next page) !

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GLD / Gold versus etf Holdings

 

Gold-in-Exchange-Traded-Products.png

 

Weekend Results - SPDR Gold Holdings
Week: GLD-etf : ==Gold== : tonnes: Gold Oz.s :
12/27 : $116.12 : $1,205.32 : 798.22 : 25.662mn
01/03 : $119.29 : $1,237.20 : 794.62 : 25.547mn
01/10 : $120.26 : $1,245.90 : 793.12 : 25.499mn
01/17 : $120.93 : $1,252.90 : 797.05 : 25.625mn
01/24 : $122.29 : $1,266.90 : 790.46 : 25.413mn
01/31 : $120.09 : $1,244.40 : 793.16 : 25.500mn
02/07 : $122.17 : $1,265.90 : 797.05 : 25.625mn
02/14 : $127.16 : $1,317.10 : 801.25 : 25.760mn
02/21 : $127.62 : $1,328.60 : 798.31 : 25.666mn
02/28 : $127.62 : $1,328.60 : 803.70 : 25.839mn
03/07 : $129.09 : $1,339.90 : 805.20 : 25.887mn
03/14 : $133.10 : $1,382.50 : 816.59 : 26.253mn
03/21 : $128.47 : $1,334.50 : 816.97 : 26.266mn
03/28 : $124.56 : $1,294.90 : 816.97 : 26.266mn
04/04 : $125.57 : $1,302.30 : 809.18 : 26.016mn
04/11 : $126.93 : $1,318.40 : 804.42 : 25.863mn
04/18 : $124.75 : $1,294.60 : 795.14 : 25.564mn
04/25 : $125.43 : $1,302.00 : 790.00e:
05/02 : $125.06 : $1,300.70 : 782.85 : 25.169mn
05/09 : $124.10 : $1,289.40 : 782.85 : 25.169mn
======
+-2014 : + 6.87% :: + 6.98% : -1.93% :
Despite a Rise in Gold this year, the Gold backing of the GLD etf has declined in 2014.
The year has brought a near 9% gap, since Gold is up about 7% in Cal.2014, while:
Gold Holdings by the SPDR Trust have fallen by about 2%
Americans seem to prefer speculating on overpriced stocks, rather than buying a secure Hard Asset like gold.
This sort of speculative madness will not go on forever.

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(Hey, Folks, pay close attention to this week's data !!)

(the change in SPDR holdings of Gold could be very meaningful :

They ROSE in a week where Gold was down!)


/ Gold breaks DOWN out of triangle, in possible "head fake" /

== Last WEEK's MOVES ==== : on Friday 05/30 alone = :
GLD : 124.51 : - 3.28 % / 120.43 : -0.51 : -0.42% / 8.32 M
GDX : $23.31 : - 3.47 % > $22.50 : +0.26 : +1.17% / 24.57 M
Ratio : 5.341 : + 0.21 % / R 5.352 (GLDx10.384 = $1,250.50)
Gdxj : $34.91 : - 2.29 % / $34.11 : +0.71 : +2.13% : 3.79 M
ASA : $13.45 : - 3.04 % / $13.04 : +0.08 : +0.62% : 23,908
Nugt : $32.64: -11.09 % / $29.02 : +0.95 : +3.38% : 4.059
SPRD 776.89: + 1.08 % / 785.28 = 25.248 mn oz. Gold stored
Hgold: 16.09 : - 3.32 % / 15.56 (dxy80.391) Resistance-17.10
===
SLV : $18.66 : - 3.11 % / $18.08 : -0.22 : -1.21% : 12.68 mn
SIL- : $11.94 : - 4.61 % / $11.39 : -0.05 : -0.44% : 125,986
DBA : $28.12 : - 1.46 %/ $27.71 : -0.28 : -1.00% : 1.607 M
Cop'r $3.168 : - 1.01 % / $3.136 : -0.010 : -0.30% : 37,682
WTI-: 104.39 : - 1.45 % / 102.88 : -0.63 : -0.61% : 149,518
CRB: 308.26 : - 0.90 % / 305.48 : -1.86 : -0.61% : View-Chart
Wheat 651.5 : - 3.57 % / 628.25 : -4.25 : -0.67% : 46,722
Corn: 477.00 : - 2.46 % / 465.25 : -4.25 : -0.91% : 112,252
Sugar: .1740 : - UNCH.- / $.1740 : -0.001: -0.57% : 49,462
BTC : $516.0 : +19.27 % / $615.41 : +6.86% :
B/Gld 39.91%: +23.31 % / 49.21 % : == Big Rise, as BTC Shoots up
===
FXI- : $36.34 : + 1.40 % / $36.85 : +0.19 : +0.52% : 18.92 mn
PHM : $19.70 : - 0.71 % / $19.56 : -0.18 : -0.91% : 4.76 mn
XLF- : $22.04 : + 1.01 % / $22.29 : +0.05 : +0.22% : 24.71 mn
SPY- : 190.35 : + 1.22 % / 192.68 : +0.31 : +0.16% : 65.6 mn
Xlf/Spy 11.58% - 0.10 % / 11.57% ==> Ratio near Unch.
IWM- : 111.97 : + 0.79 % / 112.86 : -0.51 : -0.45% : 37.64 mn
TLT - : 112.70 : + 1.24 % / 114.10 : -0.05 : -0.04% : 6.262 mn
DXY- : 80.354 : + 0.05 % / 80.391 : -0.109 : -0.14% : N / A
G/A-G: 110.5%: - 4.48 % / 105.5% ==> Made Double Bottom

 

BIG MOVERS : (more than 5% moves)
============

Nugt : $32.64: - 11.09 % / $29.02 :

BTC : $516.0 : +19.27 % /$615.41 :

 

 

GOLD's Possible HEAD FAKE ? ..... GLD-chart : GDX : GDXJ : RGLD

 

GLD_zpse6911c22.gif

 

Gold dropped DOWN out of the triangle, and fell $25 in a single day (Tuesday)

BUT...

GDX and GDXJ both ROSE on Thu. and Fri., as GLD continued to fall.

AND...

Gold Holdings at SPDR ROSE 1.08% on the week, as GLD fell -3.28%.

This difference could be very meaningful !

 

If Gold holdings rose as gold fell, who was selling ?

(SPDR bought 446k ounces, worth $558 milion.)?

Answer:

The sellers were those whose Stops got hit when fell below the triangle.

Now that "weak longs" have been forced out, the Gold market could be set to push higher.

Ladies and gents, this looks like a HEAD FAKE in the Gold market.

 

GDXJ_zps64ca31b9.gif

 

Look for:

+ RGLD to rise further next week - soon reversing ALL on this week's drop : RGLD chart

+ GLD to reverse to Up next week, following GDX higher (GDX often gives an advance warning in Gold moves)

+ GDXJ to continue to rise faster than GDX : GDXJ chart

 

If all these three do not happen, I may be wrong about the possible "head fake".

Let's watch and see.

 

I bought Jan.$25 Call on NUGT during the drop on Thursday, as the bellwethers turned up.

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(for the Record here):

 

Can Gold backing work?

What will happen to the price, if you use it to back 5%, 10%, 20%, 50% or whatever, of currency in issuance?

 

on Jim Rickards ideas

. . .

2. Intrinsic value of gold is mining cost. The intrinsic value if far far smaller than the amount required to back fiat currencies present today.

Gold backed new currency is not therefore the solution. New ideas are needed. There is my naive two pence

- In my opinion the maximum amount of money that a country may issue must have value, not larger than the total value of the assets owned by the

government. These may include gold, but perhaps less liquid stuff could be included, like property. That sets an upper limit.

-The effect of money on the economy unfortunately is dependent also on money velocity, which is variable factor. If velocity goes to zero, theoretically huge amounts of

banknotes could be printed without hyperinflation (as we see today). The total amount could exceed the upper limit. !!

- So, the conclusion is that some clever self-regulating system is required that considers money velocity and allows growth of money supply at high rate required by economic growth.

I believe that some original ideas are needed and will eventually be implemented.

 

???
It depends on how much Gold you want/need.

 

If you demand more and more gold each year, the average Mining cost will rise.

 

Here's Gold production since 1900:

3.jpg

 

And, in recent years :

 

mine-supply-gold-2013.png

 

Even though the price rose dramatically since 2001, production has grown little.

Demand more gold production, and the costs will really soar.

WHY?
Because most of the high grade Gold has already been found and mined,

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SPDR Holdings are back up over 800 tonnes

=

Gold Bulls Run as Assets in Biggest ETP Erase 2014 Drop - Bloomberg, Jul 9 2014 7:18AM

REPEAT: Has The Boat Left The Dock For Gold? - Marc Faber - Kitco Video News, Jul 8 2014 8:47AM

 

Assets in the SPDR Gold Trust, the metal’s biggest exchange-traded product that counts billionaire John Paulson as its largest holder, erased this year’s decline. Bullion’s 2014 rally is outpacing equities, Treasuries and bonds, defying bearish forecasts from Goldman Sachs Group Inc.

Escalating tensions in Iraq and Ukraine boosted demand for the metal as a haven, and the Federal Reserve affirmed that U.S. interest rates will stay low for a “considerable time,” spurring inflation concerns. Money managers increased bets on a Comex futures rally for the fourth straight week, government data showed.

 

“People are seeing the need for gold again,” Jeff Sica, who helps oversee $1 billion at Sica Wealth Management in Morristown, New Jersey, said yesterday in a telephone interview. “Geopolitical unrest across the globe is imploding, and people are realizing that they need to start hedging against future inflation.”

 

Yesterday, SPDR holdings rose 2.09 metric tons to 800.28 tons. They are up 0.3 percent this year after falling as much as 2.7 percent through May 21 to the lowest since December 2008. Last year, assets tumbled 552.6 tons, or 41 percent, as futures plunged 28 percent, the most in three decades.

. . .

. “I don’t quite understand why anyone would be disillusioned by the movement in the gold price,” Faber says.

But has the boat left the dock for gold? “In my view, there is no dock anymore because we have a money printing environment so we don’t really know where to park our boat or car,” he says. Faber comments on the recent Chinese gold scandal, tensions in the Middle East as well as central banks policies ahead of the much anticipated ECB meeting on Thursday

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Malca-Amit Opens 2000 Tonnes Gold Vault In Shanghai

 

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Do you think there might be some plans to fill it up?

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A gold vault that can store 2,000 metric tons, double China’s projected consumption this year, opened in Shanghai this month as owner Malca-Amit Global Ltd. seeks to benefit from rising demand in Asia’s largest economy.

The facility is the biggest for the Hong Kong-based company, and it can also store diamonds, jewelry and art, Joshua Rotbart, precious metals general manager, said in an interview. The site could hold bullion worth about $82.5 billion at today’s price, Bloomberg calculations show. China’s total demand may reach 1,000 tons in 2013, the World Gold Council forecasts.

Consumption in China may increase 29 percent to a record this year, overtaking India as biggest user as lower prices and higher incomes spur demand, according to the WGC. The investment in Shanghai’s new free-trade zone reflects a shift in world demand away from the U.S. and Europe toward Asia. Demand for gold jewelry, bars and coins in Greater China, India, Indonesia and Vietnam is now about 60 percent of the global total, up from 35 percent in 2004, according to HSBC Holdings Plc.

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> http://www.bloomberg.com/news/2013-11-10/gold-vault-for-2-000-tons-opens-in-shanghai-as-bullion-goes-east.html

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The Great U.S. Retirement Asset Bubble vs Physical Gold Investment

 

ponzi-300x215.jpg

 

The U.S. Retirement Market has nearly doubled from $11.6 trillion in 2000, to a stunning $23 trillion level today

… a growth of $11.4 trillion.
Now, let’s compare that to the total current value of U.S. physical gold investments since 2000.

 

>source: http://www.silverdoctors.com/the-great-u-s-retirement-asset-bubble-vs-physical-gold-investment/

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LATEST SPDR GOLD HOLDINGS - and related Charts, Comments, Articles
.

Spot-mid : $1205.32 / GLD : $116.12 : > > (Date: 31 Dec. 2013)

Spot-mid: $1183.20 / GLD : $113.58 : > > (Date: 31 Dec. 2014)

Au/GLD Ratio : 10.417 - at 31.Dec.14 (was 10.380 at 12/31/13)

Ounces held : 22,795,559 / 709.02 tonnes : = 32,150 / was 25.66mn Oz.-11.17%

Gold Value --- : $26.97 Billion (was $30.82 bn) - 12.49%

Shares outst.- : /$113.58 = 237.45 milllion : (was 265.4 mn)

: SLV :

Silver-mid: $ 15.60 / SLV : $15.29 = 1.020 (was 1.035 at 12/31/13)

Ounce held - : 329,564,167 silver oz. (was 320.18 mn : + 2.93%)

N.A.V. : $15.29 /$15.06 : disc. -1.57% (was -0.74%)

=======================================

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I think rather than saying ounces held you should change that to obligations held. The amount of gold that GLD actually holds is probably far lower than the obligations that the HSBC the custodian actually holds. For a start the GLD shorts do not have to deposit gold to cover their short position, so immediately you could probably knock 5-10% off the amount held.

 

Many believe that the GLD is a crime scene waiting to be uncovered and that the custodian HSBC does not have the gold to cover the shares. Just look at last weeks action, on Friday there was a 3.25 tonne withdrawal from the GLD while the price of gold went up.

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China about to reveal "true" Gold Holdings?

 

(this item is from CMJ):

As forecast China 'announcement' of gold hoard language (right on schedule):

http://finance.yahoo.com/news/mystery-chinas-gold-stash-may-160100151.html

 

The Mystery of China's Gold Stash May Soon Be Solved

 

EXCERPT:

"The People’s Bank of China may have tripled holdings of bullion since it last updated them in April 2009, to 3,510 metric tons, says Bloomberg Intelligence, based on trade data, domestic output and China Gold Association figures. A stockpile that big would be second only to the 8,133.5 tons in the U.S."

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A Smaller increase in China's Holdings than some had expected - which maybe hurt the gold price.

... along with a stronger dollar, and the fading "perceived risk" in equities (ie VIX fell fast as Greece's problems seemed to fade.)

 

Seasonally, this is often a weak time for gold, and this year's July has been no exception

 

http://www.zerohedge.com/news/2015-07-17/china-increases-gold-holdings-57-one-month-first-official-update-2009

 

China Increases Gold Holdings By 57% "In One Month" In First Official Update Since 2009

 

China finally admitted that it had been misrepresenting its gold holdings for a very long time, when it announced that its gold holdings had increased from 38.89 million to 53.31 million troy ounces, a 57% increase "in one month."

 

..... why make the disclosure?

 

in revealing a surge in its gold holdings, the PBOC is hoping to finally.... get people buying stocks all over again.....

 

Note: SPDR gold also fell in the latest week:

 

On strong USD, seasonal weakness, and melting of stock fears

Prior : (05/29) (06/05) : (06/12)/ (06/26) : (07/03) (07//10) : Change / Friday (07/17) alone ===== :
Gold :1190.5 : 1171.8 : 1181.5 / 1173.8 : 1165.2 : $1163.0 ======> $1,132.3
GLD : 114.10 : 112.24 : 113.26 / 112.56 : 111.76 : 111.49 : - 2.55 % / 108.65 : -1.11 : -1.01% / 13.94 M
GDX : $19.58 : $18.83 : $18.55 / $18.09 : $17.63 : $16.75 : - 7.95 % / $15.42 : -0.73 : -4.52% / 58.60 M

Spdr: 715.86 : 708.70 : 703.98 / 706.EE : 709.25 : 707.58 : - 1.60 % / 696.25 = 22.39 mn oz. Gold stored

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