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Gold Holdings Slump Most Since 2013 As Barbarous Relic Tests ’11’ Handle

Friday, November 18, 2016 20:50
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zerohedge.com / by Tyler Durden / Nov 18, 2016 5:10 PM

Gold ETF Holdings have collapsed by 1.93 million troy ounces in the days since Donald Trump’s election. This is the biggest decline since July 2013, a period when gold prices plunged to $1200 before ripping almost 20% higher in the next few weeks.

Bloomberg reports that traders have raised bets on higher borrowing costs following President-elect Donald Trump’s pledge to boost spending and as U.S. data pointed to an improving economy. That helped send a gauge of the dollar to a nine-month high.

Investors sold 30.5 metric tons of gold from bullion-backed funds so far this week, the most in three years.

“It’s all about the dollar,” said David Govett, head of precious metals trading at Marex Spectron Group Ltd. in London. “I suspect we’ll see an 11 handle on gold today,” he said, referring to prices dropping below $1,200 an ounce.

Holdings in bullion-backed exchange-traded funds dropped for a sixth day, the longest run this year, data compiled by Bloomberg show. They fell 8.5 tons to 1,940.6 tons as of Thursday, the lowest since July.

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The post Gold Holdings Slump Most Since 2013 As Barbarous Relic Tests ’11’ Handle appeared first on Silver For The People.

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