Gold has been on the move to Europe causing the COMEX inventory to decline. While the inventory level is one thing the market manipulators play with to get everyone excited, it is normally associated with manipulation attempts and changes in real actual trends. The Buffett Silver Rally was touted the same way. He bought silver in London rather than NY and that caused the silver to be moved to London and the market manipulators said see, silver inventories are down so that is bullish. They get everyone to buy the high and then sold it to them.
Movements in inventory are not indicative of trend. The inventories peaked with the gold price in 2011 and have fallen back to 2010 levels. They rise as people deposit the metal so they can hedge it. The decline normally follows the price. In this case, there are actual movements due to the concern about NYC being the Untouchables. When it is time for a rally, they will then point to this decline and claim there is a shortage. The rally will be technical and on time.