The Golden Bull has returned, folks ! Just look at the inventory of SPDR-GLD ! You are supposed to believe, that western investors are piling into this ETF, while the “market price” of ze metal is going nowhere. You don’t believe it ? It must be true ! Looky-here at the chart ! Seeing is believing !

Two weeks ago somebody wrote, that “from time immemorial” (i.e. 2008) GLD inventory has moved roughly in line with $POG, gathering steam when the $POG rose and going down when $POG was retreating. The conclusion was, that GLD inventory was a true image of the physical gold market, to which no “mortal” with  a net worth of less than a few dozens of billions is privy of.

This was refuted at a moment’s notice. The $POG went down, but GLD inventory went up big way. Busted !

Grafik: Freegoldclock