Gold futures have declined as much as 39% on June 28 from the record $1,921.15 per ounce in September 2011. Meanwhile, assets in global bullion backed exchange traded products dropped about 25% year-to-date as investors pulled $60 billion out of gold funds.
The SPDR Gold Trust (NYSEArca: GLD) currently holds around 939.07 tons of gold, its lowest since 2009. Year-to-date, GLD has lost $19.8 billion in assets, the most outflows of any ETFs so far this year. [Futures-Based ETF in Focus as Gold Goes Into Backwardation]
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Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own GLD.