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Gold sentiment lower on SPDR sale, a good sign
truthingold.com / Dave in Denver / June 11, 2015 at 09:33
Assets in the world’s biggest gold-backed exchange-traded product slumped to the lowest since the start of the financial crisis as equities rallied and investors prepared for the onset of higher U.S. interest rates, hurting demand.
Holdings in the SPDR Gold Trust dropped 0.2 percent to 704.22 metric tons on Wednesday, the lowest level since September 2008. That’s the month that Lehman Brothers Holdings Inc. collapsed, spurring a rout across global markets. Since peaking in December 2012, they’ve contracted 48 percent.
Gold prices have been trapped in a bear market as the U.S. economy’s recovery from the crisis sent equity markets surging and cut demand for haven assets. Purchases of American Eagle gold coins from the U.S. Mint had the weakest May in eight years and Perth Mint’s sales were lowest since 2012. World equities climbed in 2015 as U.S. stocks reached a record and the main gauge in China more than doubled in 12 months.
The post Gold sentiment lower on SPDR sale, a good sign appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/06/12/gold-sentiment-lower-on-spdr-sale-a-good-sign/
