Over the last few months there has been a continuous drawdown of COMEX warehouse gold inventories. Even as the gold price has been stabilizing, the drawdown is continuing without any signs of letting up.
Hebba Investments
Jun 17 2013, 04:15
Seeking Alpha
Investors who own physical gold and the gold ETFs (GLD, PHYS, and CEF) may be interested in the continued drawdown of COMEX warehouse gold inventories that has been occurring over the last few months. We discussed this a bit in a previous article but what is interesting is that a month later, this drawdown is continuing without signs of letting up - even as the gold price has stabilized.
As you can see in the graph above, both registered and eligible gold stocks have been declining significantly since the beginning of 2013. 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.
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