Bullion trickles out of the gold ETF

Inventory at the SPDR Gold Shares ETF (NYSEArca:GLD) fell by another 10.4 tonnes yesterday, its seventh straight decline since early June for a total outflow of 24.2 tonnes
As shown above, the massive additions in the first quarter (a stunning 347.2 tonnes) were followed by a leveling out in the second quarter (actually, down 6.9 tonnes).

Early indications for the third quarter are not good for this important, relatively new source of gold demand as the stockpile is 10.8 tonnes lower than it was on June 30th.

In the scheme of things, the recent decline doesn't amount to much as the "tonnes in the trust" have held quite steady as the gold price made two assaults on the $1,000 mark earlier in the year, now looking like it wants to test the $900 level.
We'll find out what happens soon enough - we are entering the worst few months of the year for gold prices followed by the best few months at the end of the year, so, lower prices, then higher prices would be a very safe call when considering seasonal factors.

There's a very favorable article in the Wall Street Journal today on the subject of investing in the yellow metal (hat tip NG) - that will be the subject of the next item that you see here.

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Full Disclosure: Long GLD at time of writing