COMEX December Contract Squeeze

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.

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.