by Dan Norcini
Trader Dan
It wasn’t much, a bit less than 4 tons to be exact, but today marked the first day in nearly a month that GLD reported a drawdown in gold holdings.
The last such occurrence was all the way back on April 25.
Considering the amount of gold that has been added since that time (66 tons), a 4 ton reduction is minor. What we will not want to see however is a PATTERN of falling reported gold holdings. That has been the one bright spot for gold that has held steady even in the face of weakness on the gold chart at the Comex. If this changes, then we have an issue.
Also, the mining shares were whacked so hard today that the HUI/Gold ratio took a pretty big hit. We will want to see how this fares as well.