Here is an updated chart of the reported gold holdings of the large gold ETF, GLD.
Holdings are currently at 776.89 tons, down 3.3 from yesterday's 780.19 reading. The number is now the lowest reported total since December 26, 2008. That is nearly a 65 month low!
This is the reason that gold demand from India and China cannot falter if the metal is to remain above key chart support. Western investment continues to falter as money managers eye better gains in equities.
The steps by the new government in India should eventually help support gold demand there but we will have to watch the short term impact of these falling premiums.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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