Also, central banks continue to acquire bullion. [Gold ETFs Rise on Greece, Central Bank Buying]
Some gold ETF investors, however, have been scaling back their positions during the recent price weakness.
Gold exchange traded products saw net outflows of $629 million in the latest week, according to Deutsche Bank data. [Gold ETF Selling Could Speed Metal’s Decline]
SDPR Gold Shares
Full disclosure: Tom Lydon’s clients own GLD and SLV.