A Massive Surge In GLD “Inventory”

Yesterday saw the 2nd-largest one day surge in GLD “inventory” in the past five years. What does this signal, if anything at all?
I think most everyone here knows how I feel about the GLD. It’s a scam. It’s a sham and it’s a fraud. Oh sure, there’s almost certainly some gold held in the HSBC vaults but how much is truly, 100% allocated to just the GLD? Recall the whole charade from back in 2011 when Bob Pissonme of CNBS was allegedly driven in circles for hours before being allowed into the super-secret vaults that house the GLD’s gold: Meh, whatever. There’s no sense in relitigating this nonsense today. What is curious sometimes is the timing of the the Authorised Participant (Bullion Bank) alleged additions and withdrawals. Most recently we noted a stretch of 16 consecutive withdrawals over the period from June 26 through August 7. The total amount of “gold” withdrawn from “inventory” over that time was 66.81 metric tonnes.

This post was published at TF Metals Report on Wednesday, September 6, 2017.