Gold and silver holdings in Exchange Traded Products dropped for a second week in a row as the November price weakness, driven by fears of an early end to US stimulus, showed no sign of stopping. The agreement over the weekend between Iran and the P5+1 group of nations has further eroded support as demand for safe-haven assets has received another knock.
Total holdings in gold fell by 17.1 tons to 1852.4 (Bloomberg) to the lowest level since April 2010
Silver holdings dropped for a second week but despite the heavy beating this metal has taken in recent weeks the holdings remain near record levels.