In the first four months of 2013, investors pulled $14.8 billion out of gold based exchange traded products, with more than half that amount occurring in April alone, according to S&P. [Lydon: Gold ETFs Shed 300 Tons of Bullion This Year]
“Gold prices have come down, due to increasing U.S. economic confidence, lowering gold’s role as a safe haven, and concerns about potential gold sales in Europe to help lower government debts,” said Johnson Imode, the S&P Capital IQ metals and mining equity analyst. “We do still expect gold prices to remain historically high though, as recent IMF global growth cuts show that economic uncertainty remains.”
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Full disclosure: Tom Lydon’s clients own GLD.