The Phaserl


All Please Consider

from TF Metals Report:

This brief “analysis” demands your full consideration.

Please make a summary of all the “unusual” things that are happening. Here’s just a short list:

  • Gold flowing out of London to Switzerland and Hong Kong
  • Combined Chinese and Indian demand in Q2 2013 at 586 metric tonnes
  • U.S. interest rates are skyrocketing as foreigners dump U.S. treasuries
  • Steeply falling Comex inventories
  • GLD “inventory” down 435 metric tonnes or 32% YTD
  • JPM stopping to themselves 3/4 of all August gold deliveries
  • JPM flipping from 50,000 net short Comex futures to 75,000 net long
  • GOFO negative for 33 consecutive days and the 6-month now negative at a new, unprecedented low
  • As I type, a slight Comex futures backwardation vs cash out through and including the Feb14 contract

That’s nine, separate bullets that took me about two minutes to type. Please use the comments section of this thread to add your own observations to any I may have missed.


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1 comment to All Please Consider

  • Ed_B

    “GLD “inventory” down 435 metric tonnes or 32% YTD”

    I really do not know why people keep moaning about this. GLD is required by its founding documents to maintain a specific ratio of gold in inventory to GLD shares outstanding. When people sell shares, GLD managers HAVE to sell bullion to raise the money to pay those people for their shares. Similarly, when people buy GLD shares, the managers HAVE to buy bullion to maintain their required bullion to share ratio. This really isn’t rocket science. The price of gold took it on the chin for the past 3-4 months, falling from around $1700 to around $1200 an oz. A lot of people have capitulated and sold their GLD shares at a loss, forcing GLD managers to sell bullion from their inventory. That’s all there is to it.

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