17.06.2016 - Gold price bulls kept faith as hedge funds wavered
A big factor supporting the gold rally – the best start to the year in more than a decade – have been investors in physical gold-backed exchange traded funds. Global vault holdings have swelled to 1,883 tonnes, the highest since December 2013 following net inflows of more than 400 tonnes so far this year – a dramatic reversal of the trend during the last three years when a staggering 1,198 tonnes left funds. As the chart shows the more than 6% decline in the price of gold in May did not deter ETF investors from picking up more metal and doubling down on their conviction of a rising gold price...............................................Full Article: Source
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