GLD reorted the loss of another 15.03 tonnese of inventory.
Sentiment: Strong Buy
That's a huge one this time. Wonder how long this will go on for.
Mineweb July 8/13
Chinese gold imports through Hong Kong
So far net imports through Hong Kong for the first five months of the year have totalled over 413 tonnes – double those of a year earlier when China imported just over 830 tonnes in the full year.
The GLD peaked at 1354 tonnes inventory on November 30/12. As at July 8/13 inventory sits at 948 tonnes.
Most of the 406 tonne draw-down has occurred since the April 12th dump of paper gold on the market.
If prices remain at these levels, and the rate of draw-down remains the same, GLD will be out of gold in about 7 months. I wonder how they will explain this to their unit holders.
As long as it takes for the Chinese to buy it all.