GLD Daily - IAU Daily

Two charts of some concern are the gold ETFs' daily charts. These charts DID see new lows. What that might mean is these ETFs may be coughing up their gold in unceremonious tonnages. That also means that ETFs do not price according to spot, but futures, which are partially in backwardation.

But another wrinkle to the story is that Shanghai Gold Exchange withdrawals this year are equivalent to yearly world mine supply. There is no available source of gold in those kinds of tonnages unless the ETFs are being drained. More than double the amount that the PBOC took delivery of when ETFs revulsed hundreds of tonnes in 2013, all of which went to China.

That would suggest that gold prices may be under pressure almost solely due to ETF redemptions, and the diversification out of treasuries into gold.(interest rates form part of the picture)

http://schrts.co/oy5MkZ

http://schrts.co/FeHI2D

http://lawrieongold.com/2015/11/07/another-46-6-t-delivered-from-sge-a-massive-2165t-withdrawn-ytd/

-F6