More matter with less art

The re-emergence of “Gold’s in a bubble”: Please stop the stupid

And the best way to stop the stupid is to throw hard facts at it. Here comes another chart that might have turned up in your preferred brokerage’s weekly reviews if I hadn’t scribbled all over it:

Today’s plain facts include:

  • GLD holdings started 2013 at over 1,350 metric tonnes.
  • They bottomed out on January 14th at 789.56mt
  • They’ve recovered to 813.3mt since then, which isn’t a bad move and the clear change of a trend (the 24 tonnes difference is roughly a billion dollars worth of gold at a U$1,300/oz average, to give you some idea). But a bubble forming? Please, give us all a break.

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