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Article / 12 August 2013 at 8:52 GMT

ETP Holding update: Six months of continued gold reduction

Head of Commodity Strategy / Saxo Bank
Denmark

Investors seeking exposure to gold through exchange-traded products (ETPs) remained net-sellers last week, thereby continuing the uninterrupted period of weekly reductions that goes back as far as early February. The reductions are small compared with what was seen back in April and May, but with Fed tapering, low inflation and raised growth expectations still the main focus, investors are not in any hurry to get back in, especially as long as the technical picture also fails to support. 

ETP Holdings

The SPDR Gold Trust, which holds almost 50 percent of total known holdings in ETPs, increased by 1.8 tonnes last Friday. This has helped to create a bit of buzz this morning, however, from the December peak more than one quarter or 684 tonnes of gold has been removed from ETPs and, as mentioned above, we have witnessed consecutive weekly reductions since February. For the gold sentiment to become more positive, we need to see weekly additions - something that the July rally failed to produce.

Gold held in Exchange Traded Products

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