Gold up $19 on the day due to poor jobs report and negative GOFO rates signalling shortage of physical to satisfy Asian demand.
GOFO rates negative 1 month out and moving negative in all months. Negative rates have lined up with upward surges in price for last year and more.
GLD pilfered for another 1.8 tonnes.
Comex inventories continue to look more and more bizarre. Gold moves back and forth amongst bullion banks and customer deposits are in 1 kilo 99.99 purity bars which will never be used to make deliveries.
Washington based bank, IMF has been trying to source physical gold for the cartel to continue hammering gold prices lower but have failed in Asia. ..."ISLAMABAD, Pakistan -- Pakistan has refused to sell gold worth $2.7 billion, citing national security reasons, as the International Monetary Fund pushes Islamabad to convert the precious metal into cash to build foreign currency reserves, the global lender's report revealed Friday." By Shahbaz Rana
The Express Tribune
Saturday, March 29, 2014
Note: Pakistan has about 62 tonnes of gold.