Holdings are currently at 776.89 tons, down 3.3 from yesterday's 780.19 reading. The number is now the lowest reported total since December 26, 2008. That is nearly a 65 month low!
This is the reason that gold demand from India and China cannot falter if the metal is to remain above key chart support. Western investment continues to falter as money managers eye better gains in equities.
The steps by the new government in India should eventually help support gold demand there but we will have to watch the short term impact of these falling premiums.
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