More buying for the gold ETF

Do the inventory changes at the SPDR Gold Shares ETF (NYSEArca:GLD) have anything to do with the price of gold? Dunno. But, it sure does make you wonder sometimes.
Note that the last time huge numbers of GLD shares were created, resulting in big increases to the number of "tonnes in the trust" (see blue circled area on the left in the chart above), the gold price was in the process of finishing up a little "wedge" pattern that was followed by a sprint to the $1,000 mark.

That was back in December.

Today, a similar wedge pattern has developed and, recently, there have been some big additions to the trust - a net increase of 44 tonnes in just the last month, enough to allow the world's most popular gold ETF to reclaim the #8 spot in the world gold holdings from the Dutch.
The next few months could be very interesting.