I promised a weekly update on the change in the open interest in COMEX December gold futures to see if there was a risk of a squeeze given the very low levels of registered inventory that has Zerohedge's knickers in a twist.
Early days, but the trend is as expected.
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That is my chart constructed from CME data (and the dotted line is my estimate of the trend). Those who are suspicious of charts produced by others - and there should be more of you out there than there are - you can follow the live action on: http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_futures.html
Enjoy you weekend.
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COMEX December Contract Squeeze
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