NIA has just created a brand-new chart showing the percentage change of gold vs. the shares outstanding of SPDR Gold Trust (GLD) from gold's bottom on December 17, 2015, through today's close.
When GLD's shares outstanding go up funds are flowing into GLD.
When GLD's shares outstanding go down funds are flowing out of GLD.
When GLD's shares outstanding get ahead of gold prices it is bearish for gold. It means the supply of gold is increasing from new mines going into production and/or central bank selling.
When GLD's shares outstanding fall behind gold prices it is bullish for gold. It means the supply of gold is declining from mines being depleted and/or central bank buying.
Since December 17, 2015 gold prices have increased by 80.63% vs. GLD's shares outstanding increasing by 42.99%. This is extremely bullish for gold:
It means mines are being depleted and central banks are buying!