Since middle December 2016 gold prices have been going up nicely:
However, this picture is still not supported by gold flows reported by GLD:
source: Simple Digressions and GLD data
For example, yesterday as many as 276 thousand ounces of gold left GLD vaults. Simply put, the American investors are not buying this rally (more - they are selling) and since December 15, 2016 (when the current rally had started) they decreased their holdings by 1.4M ounces. In my opinion, it is quite a large figure.
That is why I have serious doubts about this rally...