| Commodity ETPs: In 1Q 2013, as global growth and risk appetite picked up, commodity investors rotated out of gold ETPs and into more cyclical commodity ETPs such as silver, copper, palladium, platinum and broad commodity trackers. Gold ETPs saw $9.2bn of outflows during the quarter as improving US growth data drove up US interest rate expectations, increased speculation that quantitative easing might be ratcheted back and boosted the US dollar.
All of these factors were gold negative and caused tactical ETP investors to pare back their positioning. A similar trend occurred in the futures market where net speculative longs in gold futures fell back to end 2008 levels...............................................Full Article: Source
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