More selling than buying at the streetTRACKS gold ETF

The most recent inventory data at the streetTRACKS gold ETF (NYSE:GLD) shows that the load is about 30 tonnes lighter than it was just a couple days ago.
This could be related to comments made earlier in the week by Dennis Gartman of the Gartman Letter who was said to be "abandoning ship" in fear of the government stepping in to burst the commodities bubble since the bubble doesn't seem to want to burst on its own.

"Governments have to get together and stop the rise in grain prices, they will do something," Gartman said in a phone interview today from Norfolk, Virginia. "What if they come in and say you can't expand your positions anymore?"
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This is the first time in three years that Gartman is not positive on gold, he said. Most of his subscribers, including large hedge funds and securities companies, probably won't sell gold for now, he said.

According to this report, regulators at the Commodity Futures Trading Commission didn't seem too concerned at a hearing the other day on the subject of undue speculation in futures trading for agricultural commodities.

A government regulator says speculative trading is not the primary culprit behind surging prices of corn, wheat and other crops that have rattled farmers and food producers.

An official at the Commodity Futures Trading Commission said Monday commodities markets are functioning properly, despite almost daily jolts in prices for foodstuffs.

"Our economists have looked at all the data available ... and there doesn't appear that any inordinate speculation has caused prices to move," said Commissioner Bart Chilton.

Well, as long as their economists have looked at it...