Chalk August up as another month that has not been kind to gold and the related exchange traded products. The  SPDR Gold Shares (NYSEArca: GLD), the world’s largest physically-backed gold exchange traded fund, is down 1.70% this month and some data points suggest investors have been departing gold ETFs this month.

Heading into August, gold had notched four consecutive monthly losses and concerns are mounting regarding the near-term fate of bullion. The strengthening U.S. economy is translating to a stronger dollar, which is often a problem for gold. Gold, like other commodities, is denominated in dollars, meaning it has an inverse relationship to the U.S. currency.

“Holdings of gold by global exchange-traded funds are continuing to decline, reports Commerzbank. The ETFs trade like a stock but track the price of the commodity, with metal put into storage to back the shares. They give investors exposure to the gold price without incurring certain expenses such as assaying and storage,” reports Kitco News.

Dealing With Gold Departures

GLD currently resides about 12% below its 52-week high and 6.74% below its 200-day moving average, technical indicators that could be keeping investors away from bullion.

Related: Gold ETFs Retreat on Rising Rate Outlook

As of Aug. 28th, investors have pulled $1.54 billion from GLD this month. The rival iShares Gold Trust (NYSEArca: IAU) has seen August outflows of just over $18 million.

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