by James Stafford, SilverBearCafe.com:
We have covered the rapidly declining COMEX gold inventories in previous articles, and the story seems to be getting old, but COMEX gold continues to drop with registered gold inventories hitting their lowest levels ever. Additionally, total COMEX gold has now dropped under 7 million total ounces or by almost 40% since the beginning of the year (we started 2013 with around 11 million total ounces).
This is something that should be very relevant to investors who own physical gold and the gold ETFs (GLD, PHYS, and CEF) because any abnormal inventory declines may signify extraordinary events behind the scenes that would ultimately affect the gold price.
As you can see on the chart below, both registered and eligible gold stocks have been declining significantly since the beginning of 2013, and they continue to decline at rapid levels. We will take a closer look at these numbers but let us first explain the COMEX a little more for investors who are unfamiliar with it.
Please follow SGT Report on Twitter & help share the message.