Gold ETF Investors Are Running For The Hills
We just mentioned Goldman's big call to short gold, but we wanted to pluck out this chart, as it's particularly interesting.
It shows a big drop in total holdings of Gold ETFs, the exchange-traded gold back products whose rise coincided with the huge boom over the last several years.
As you can see over the last few years, there have been some bumps along the way, but the amount of gold held by ETFs has grown massively, and there hasn't been a decline of this magnitude.
In fact, going back a bit, you can look at the holdings of just one ETF (GLD) and see that total tons grew massively over the several previous years, even before the bust.
From the GotGoldReport, the red line shows the massive surge in tonnage held starting in 2006.
Bottom line. This looks like the reversal of a major trend that had been part of the gold runup story.