http://traderdannorcini.blogspot.com/2014/05/gld-reports-big-jump-in-gold-holdings.html
that the initial 8.4 ton increase occurred on May 27th, when gold experienced a $30 drop in price.
Since that day, GLD has remained quiet in terms of any reported changes. Today, they finally issued an update and that update contained another increase, this time it was a 1.8 ton increase.
I maintain that if this trend continues, it will be quite positive for securing an eventual halt to the move lower in the price of gold. Clearly some Western-based interests are interested in securing gold near current levels. Keep in mind that this slight increase comes on the heels of another $20 drop lower in price so someone is actually practicing the old adage ( which seems to be less and less the norm in our modern markets ) of "Buying Low".
Here is the chart updated to reflect the increase over the last week or so. It is still down 11 tons or so from the start of the year but at least it has stopped the bleeding.
This continued build, albeit a modest one, is the first real sign of something friendly that I can see in regards to the sector in general. While the mining shares as evidenced by the HUI and GDXJ charts are not encouraging, if the big gold ETF continues to garner some buying, it might give some bears pause for thought in regards to becoming too aggressive both in the shares and at the Comex.
What will be needed however is for those abovementioned shares to show some better technical price action on their respective charts.
Do not forget that we have two big items later to deal with however. The first is the ECB meeting on Thursday and the second is the monthly payrolls report. One or both of these occurrences could result in some bigger moves in the metal.
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