“We believe that the ETF liquidation will stop,” said Standard Bank analyst Walter de Wet. [Gold Back Above $1,600 as ETF Selling Abates]
Yet in India, the world’s top gold consumer, bullion ETFs are shrinking for the first time since June, Bloomberg reports.
Investments in Indian gold ETFs are unlikely to recover in coming months as investors will look for appreciating assets, Lakshmi Iyer, head of fixed income and products at Kotak Mahindra Asset Management Co., told Bloomberg.
Full disclosure: Tom Lydon’s clients own GLD.