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SocGen says continued ETF selling will drop gold price to $1,200

Posted on 18 June 2013

The gold price was under pressure on Monday, giving up $6 an ounce to change hands for $1,381 in New York. Gold has declined more than 17% this year after a dramatic April when the metal fell $200 over just two days following unprecedented outflows from gold-backed exchange traded funds.
ETF holdings of gold have declined to the lowest in more than two years at 2,118 tonnes – down from a record 2,632 tonnes or 93 million ounces in December 2012………………………………………..Full Article: Source


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