The CPM Group points to an aging bull market in gold, with private investor holdings at “34.3 million ounces in 2011, down 5.8% from 2010 levels.”
Looking ahead, the research points out that demand from China and India will remain relatively the same in 2012 compared to 2011, and central bank demand, while rising, is beginning to slow.
Gold-related ETFs have dropped below their 50-day exponential moving averages and are now testing their 200-day EMA supporting levels.
- SPDR Gold Shares (NYSEArca: GLD): up 6.7% year-to-date.
- iShares Gold Trust (NYSEArca: IAU): up 6.8% year-to-date
- ETFS Physical Swiss Gold Shares (NYSEArca: SGOL): 6.7% year-to-date
SPDR Gold Shares
For more information on gold, visit our gold category.
Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own GLD.