http://www.traderdannorcini.blogspot.ca/2014/10/gold-mining-stocks-continue-to-sink.html

Here is an updated chart of GLD. Once again, the reported holdings dropped. This time it was a reduction of 2.11 tons, bringing the total reported holdings to 749.87 tons, down 48.35 tons since the beginning of the year.

yawn

This is the lowest level since November 2008.

Bulls – fear not however since we are assured that this gold is being “drained” to head to meet soaring Asian demand.

Let’s add this new bullish spin to our long list of bullish theories propounded by the gold permabull crowd.

To refresh your memory, here are some of them.

1.) Backwardation – Bullish for gold prices

2.) Negative GOFO rates – Bullish for gold prices

3.) J P Morgan long side corner on gold – Bullish for gold prices

4.) Chinese warehouse doubling counting of gold – Bullish for gold prices

5.) Big hedge fund short position – Bullish for gold prices

6.) False Taper – Treasury buying US bonds out of Belgium – Bullish for gold prices.

7.) Big gold buying underneath the market as reported by “Mr. gold insider/whistleblower” – Bullish for gold prices

8.) GLD being drained to meet Asian demand – Bullish for gold prices.

Here is my response and that which any objective trader/investor should greet these fabrications with:

YAWN!