11.11.2008 - A $600 gold price could see ETF offloading
From Mineweb.com: About 750-800t of gold currently held in ETFs was bought at prices below $750/ounce and only 300t at prices above this level. This implied that many investors in gold ETFs were still sitting on large profits, but if the gold price fell to $600/ounce large outflows of gold could occur, says the Fortis hedging and financial gold report. The November report by the VM Group and Fortis Bank said it believed that very little investment in gold ETFs was bought at $300/ounce to $400/ounce. The VM Group says many investors in gold ETFs are still sitting on large profits as it examines if gold ETFs have been a successful investment..... Full Article: Source