woensdag 12 februari 2014

End of GLD outflow

Have we seen the end of the GLD outflows? It sure came faster than I anticipated.

Instead of ETF gold supply coming onto the market, we now get a supply crunch due to ETF gold buying. And this on top of the Chinese who are still buying in record amounts as we can see on the Shanghai Gold Exchange. On top of that we are now again going into backwardation on the 1, 2, 3 month GOFO level and the high grade mine supply is going to decrease going into 2015.

This might as well be the real bottom in gold.


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