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The
“tonnes in the trust” at the popular SPDR Gold Shares ETF
(NYSE:GLD) rose
by another tonne yesterday, the latest in a series of small additions in
recent weeks, bringing the total to within three tonnes of the all-time high
set last June at 1134 tonnes.
 
Interestingly,
the entire move up last fall in the gold price – from around $950 an
ounce to a new record high of over $1,225 an ounce – came as the GLD
inventory simply moved back up to its mid-year high. This time around,
inventory has been building while prices have consolidated around the $1,100
an ounce level with the action in recent days looking like a big move to the
upside could
be right around the corner.
Full
Disclosure: Long GLD at time of writing.
Tim
Iacono
Iacono
Research.com
Tim Iacono is
the founder of Iacono Research which provides market commentary and investment
advisory services specializing in macroeconomic analysis and commodity based
investing. He also writes the popular blog The
Mess That Greenspan Made.
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