Exchange traded funds and similar products that track gold prices saw net outflows of 56 metric tons, or about $2.5 billion, in the first quarter, the World Gold Council said in a report Thursday.
“Redemptions were concentrated in January,” the organization said in the report. “Despite the outflows, the collective volume of gold held by global ETFs by the end of the quarter was in excess of 2,100 [metric tons]equating to more than $95 billion.”
George Soros has reportedly sold nearly $800 million worth of shares in gold exchange traded funds, while fellow hedge fund manager John Paulson kept his big stake in gold ETFs unchanged in the first quarter, according to regulatory filings. [Hedge Funds Mixed on Gold]
Commodity ETFs have seen $2.2 billion of outflows so far in the second quarter, while SPDR Gold Shares (NYSEArca: GLD) has lost over $900 million in assets, according to a separate report. [Investors Pull Money From Silver, Gold ETFs]
SPDR Gold Shares
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