'Tonnes in the Trust' Up at Silver ETF, Down at Gold ETF

The inventory at the popular iShares Silver Trust ETF (NYSE:SLV) has been rising sharply in recent days, commensurate with the surge in the price of the metal, and the “tonnes in the trust” is now within shouting distance of the all-time high seen back in late-2009 after an addition of some 37 tonnes yesterday.

In contrast, after new all-time highs for the gold price yesterday (with more new highs coming this morning), the stockpiles held at the SPDR Gold Shares ETF (NYSE:GLD) has fallen by about five tonnes, back down to levels associated with a gold price of about $100 lower.

As should be clear after looking at the chart above, there is only a tenuous link between inventory levels and prices, but the gold and silver holdings at these ETFs do provide a good indication of what’s on the mind of long-term investors.

Disclosure: Long gold and silver bullion.

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.