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Gold, Silver Investors Continued To Exit ETPs During November

BySaxo Bank
AuthorSaxo Bank
Published 12/02/2013, 04:46 AM
Updated 03/19/2019, 04:00 AM

The month of November showed no let up in the continued drive to reduce paper investments in gold and silver through Exchange Traded Products (ETPs). During the month total gold holdings, according to Bloomberg, dropped by 87.3 tons to 1,841.9 while silver dropped by 315 tons to 19,740.5 tons. For gold this was the 11th monthly drop in a row and it took holdings back to levels last seen in March 2010 while the reduction in silver was the second largest this year.
Gold & Silver
The last week of November was particular tough for silver which saw a reduction of more than 100 tons despite the relatively subdued price action which in the end resulted in the first weekly price gain in five.
ETF Holding
Gold survived an early sell-off last week which saw the price drop to 1,225.50 USD/oz, the lowest since July. Sentiment remains weak which the weekly and monthly outflows in gold-backed ETP's bare witness to. So far the reductions in holdings seen this year has been greater than what was added the previous three years and it highlights the dramatic change in investor attitude to gold. Rising bond yields and stocks at a time of subdued inflation together with the perception that the financial crisis has ended have all eroded support for the yellow metal resulting in the first annual loss in 13 years.
Gold
Silver holdings dropped by 101.5 tons last week after some early selling pressure which saw the price drop to USD 19.58, the lowest level since August. A weaker dollar and short covering eventually resulted in the first weekly price gain in five but sentiment remains weak as we head towards the monthly US job report on Friday.
Silver Held
Platinum meanwhile saw the third biggest weekly gain in 2013 to a new record holding of 76.5 tons.
Platinum

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