Gold: the year that was.

2013 closes as the worst year for gold on record, but in terms of physical gold supplies (at least represented by the COMEX warehouses and the gold ETFs) an investor wouldn’t be able to tell. Usually when we have a big drop in price, that is because there is a lot of that particular asset available for purchase and that nobody wants it, and they are trying to find buyers anywhere to purchase it – thus we would expect to see rising inventories. But we’ve seen the opposite at the COMEX warehouses, inventories dropping to levels that may be dangerously low even as claims per registered ounce skyrocket.        (link)


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