Gold ETF Outflows Paint Only Half the Picture
Since January 1, the holdings of gold-backed exchange-traded funds (ETFs) have dropped by nearly four million ounces (125 tonnes). February turned out to be the worst month for the world’s largest ETF, the SPDR Gold Trust (GLD), which saw its holdings drop to 39.7 million ounces (1,236.73 tonnes), its lowest level since October 2011.
If this were the only data investors looked at, they might conclude that “everyone is selling” and maybe even that the bull market is over. But these data are misleading.
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