Comex Physical Drain Accelerates—With Over $7.8B In Gold Disappearing From All Depositories!
- Comex Physical Drain Accelerates—With Over $7.8B In Gold Disappearing From All Depositories!
by Tekoa Da Silva, http://bullmarketthinking.com/
As the headline battle between paper sellers and physical buyers of gold escalates, something eerily strange is continuing behind the scenes.
As first reported here on April 9th, Comex gold inventories have been plummeting, demonstrating the highest levels of physical removal ever during a single quarter in Q1, 2013.
Most shocking however, is that Comex warehouse inventories are accelerating their downward plunge, with dropping inventories now spreading to the world’s largest fund depositories.
Over the last four weeks alone, total reported inventories of ETFs, funds, and depositories collapsed by over 5.5 million ounces, or in dollar terms, by over $7,000,000,000 dollars.
The largest physical removals were reported by the Comex at about 1.4 million ounces, or nearly $2 billion dollars, and the GLD, which reported total inventory removal of nearly 4 million ounces, or roughly over $5.6 billion dollars.
Here is a chart illustrating the continued gold inventory plunge at Comex warehouses (see initial April 9th. piece for comparison): (top of post)