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<p>[QUOTE=&quot;medoraman, post: 1569540, member: 26302&quot;]I would have to say I agree with NorthKorea&#039;s position more. I simply do not know how inventory levels of a seller of bullion &quot;proves&quot; anything. I believe its an interesting observation that could, when coupled with other observations, lead to a conclusion, but its way too weak on its own.</p><p><br /></p><p>Like NK alluded, there are a myriad of reasons why a retailer&#039;s inventory could shrink. PMBug, you said:</p><p><br /></p><p>&quot;I monitor inventory (and by extension, sales volume) and premiums to keep tabs on what is happening with retail buying and physical supply&quot;</p><p><br /></p><p>Read more: <a href="http://www.cointalk.com/t217193-2/#ixzz2BRrGBK7x" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/t217193-2/#ixzz2BRrGBK7x">http://www.cointalk.com/t217193-2/#ixzz2BRrGBK7x</a></p><p><br /></p><p>How do you KNOW the inventory depletion was sales? You cannot, there are other reasons inventory could deplete. Also, low inventories could mean the seller is intentionally not refilling because they believe the market will weaken. </p><p><br /></p><p>I am just saying there are too many unknowns to make any kind of case out of this observation. I still believe its an interesting data point, but without many more data points, (like the same data point for a decade in relation to the market, or multiple retailers similar data points), I simply would be unwilling to make any kind of argument from it. Like I said, though, it is an interesting point and I thank you for bringing it to the boards attention.</p><p><br /></p><p>Just my opinion.</p><p><br /></p><p>Chris[/QUOTE]</p><p><br /></p>

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