Gold funds see unprecedented 31% slump
[SINGAPORE] Investors are dumping gold-backed exchange-traded products (ETPs) at the fastest pace since the securities were created a decade ago, mirroring the steepest price drop in 32 years.
Holdings in the 14 biggest ETPs plunged 31 per cent to 1,813.7 metric tonnes since the start of January, the first annual decrease since the funds started trading in 2003.
The removals erased US$69.5 billion in the value of the assets as prices fell by the most since 1981. A further 311 tonnes will be withdrawn next year, according to the median of 11 analyst estimates.
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