Salient to Investors:
George Soros and BlackRock cut stakes in gold ETFs in Q1, signaling waning investment demand.
The World Gold Council said gold ETP demand dropped 13 percent in Q1 from a year earlier and outweighed a surge in purchases of coins, bars and jewelry in China and India.
Frank McGhee at Integrated Brokerage Services continue to see rotation out of precious metals as growth and little inflation eliminate the reasons for the original run-up in gold.
Soros Fund Management cut its stake in the in the SPDR fund by 55 percent in Q4 2012, Paulson & Co. maintained its stake in Q1, and Northern Trust and BlackRock funds had reductions of more than half. Schroder Investment Mgmt bought shares.
Read the full article at http://www.bloomberg.com/news/2013-05-16/gold-near-1-month-low-as-soros-blackrock-reduce-etp-holdings.html
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