down 11 tons in 4 days? very good.Keep bleeding (inventory), the...

down 11 tons in 4 days? very good.

Keep bleeding (inventory), the quicker the better, and there will be a panic for sure.

Capitulation? yes you are right, I have long capitulated on paper gold and shifted my attention to movements of physical gold: the flow. GLD inventory change is just a little window for me to peek in.

Some other clues among the deafening noises:

1.Gold pours into China to meet record demand, bypasses Hong Kong: http://in.reuters.com/article/2013/11/20/china-gold-imports-idINL4N0J410Y20131120;

2. China will start trading oil contracts priced in RMB;

3. China says no longer in best interest to increase FX reserve. (Gold not part of FX reserve).

4. 2000 ton gold vault opened in Shanghai.

For the big theme that is emerging, the COMEX paper POG is but a sideshow, a decoy, a useful camouflage.