Investors have redeemed $14 billion from the world’s largest gold ETF so far this year on fears the 12-year bull market in gold has ended.

SPDR Gold Shares (NYSEArca: GLD) is down about 15% for the trailing six months.

The ETF currently holds about 1,066 metric tons of gold valued at $50.3 billion, down significantly from the start of the year.

Year to date, GLD has experienced net outflows of roughly $14 billion, according to IndexUniverse data.

Gold prices have fallen more than 20% since October 2012 into a bear market.

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