What does the gold stock indicator really tell anyone? It doesn't tell you the sentiment of the buyers of bullion. it may tell you the sentiment of derivatives market speculators. But what is that to do with the demand for bullion? market speculators look at short term movements in the paper price and futures. but here we are taking about a whole different game from real bullion demand. if that's your thing, that's ok, but just know that the chart you are looking at is history, and people (banks) with very deep pockets are in control of the game. Can you read their minds? Good luck. but if you are a metal accumulator playing the long game, you are looking at the macroeconomic scene. In 1971, the gold price set by Uncle Sam was $42.22 /oz. The rest is history.... 23.
