The Falling COMEX Gold Stocks
Much has been made about the drop in COMEX gold stocks. COMEX gold stocks have fallen from 11.1 million ounces in the end of 2012 to just under 8 million ounces today. The bulk of the decline has occurred at the JP Morgan Chase Depository that has seen its stocks fall from 2.8 million ounces to just over 800 thousand ounces since late 2012. JP Morgan Chase is the depository for the SPDR Gold Trust (GLD-NYSE). Of the other four depositories, the Scotia Mocatta Depository has seen the largest decline from roughly 4 million ounces at the beginning of 2013 to 2.8 million ounces today.
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