While the physical gold outflows of the ETF's of GLD continue (Chart 1) and those from the COMEX stay flat (Chart 2) (because they can't afford to lose anymore physical gold), all this physical gold is bought by Asia as net imports and gross imports rose to record highs (Charts 3, 4, 5).
|Chart 1: GLD Outflows|
|Chart 2: COMEX Gold Outflows (blue)|
|Chart 3: China Gross Gold Imports|
|Chart 4: China Net Gold Imports|
|Chart 5: Ratio Net to Gross gold imports|