YahooFinance-Bloomberg/Justina Vasquez/11-11-2019
“Gold exchange-traded fund investors are selling off holdings as a more positive global outlook decreases their interest in haven assets.”
USAGOLD note: There are a couple of things going on here that need to be pointed out. First, the gold price is up about 20% since 2016 so it is a kind of an apples-to-oranges comparison. If gold were still $1250 per ounce, the $620.7 nominal value of the liquidations would be significantly lower. Second, we are talking about roughly 13 tonnes of gold here. . . . .a small number relative to the 2855 metric tonnes stockpiled collectively at the ETFs. In short, these sales are a minor, perhaps even healthy, event. If the sales develop into a trend, we will take a closer look at it.
