Van Eck Holdings of NST, page-7

Just a small point - VanEck don't "switch" for expedience, i.e. holdings are calculated individually and stringently with a "chinese wall" in between.  Ref below GDX actually reduced KL holdings on 21/9 when KL was dropped from GDXJ.

However as you say fund flow is more important - in that respect a few more charts below showing GDX fund flows have been generally +ve since early June while the overall fund value has also been trending up even in the face of the falling share prices and US$POG. 

Also for good measure the GLD chart showing outflows may have finally turned with +15T added in the last 3 days.  This will help turn the tide against futures speculators holding record short positions of late - likely covering the last 3 days.

Note: the COT report dated 9/10 lists money manager contracts as 190k short versus 87k long which gives a record 103k net short contracts effectively controlling 10.3m oz or 292 tonnes!  Each 100oz contract requires a minimum margin of less than 3%, so it wont take much to spark a massive short cover.

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