Salient to Investors:

George Soros cut holdings of gold ETPs in Q1, 2013.

John Paulson maintained a stake and Schroder Investment Mgmt bought in Q1.

Deutsche Bank said assets in SPDR will probably drop by an additional 2 million to 4 million ounces after slumping 9.7 million ounces since mid-December.

Jeffrey Currie et al at Goldman Sachs said the selloff has been faster than expected, and a further drop in ETP holdings will probably mean more price declines.

Jim McDonald at Northern Trust said they made one change to their global tactical asset allocation policy this month: eliminating their tactical position in gold.

Robert Kapito at Blackrock said he would still buy gold despite the firm cutting its holdings by half in Q1.

Farallon Capital Mgmt bought put options on SPDR. Whitebox Advisors reduced its holdings 90 percent.

Frances Hudson at Standard Life Investments said the precautionary demand for gold is not there, the attraction is sinking, and the money that exited ETFs has not returned as people are trading up and migrating to equities.

Elliott Mgmt said gold remains the best store of value in an uncertain economy.

EPFR Global said investors pulled a record $21.1 billion from bullion funds in 2013 through May 13.

Warren Buffett wouldn’t be a buyer even at $800 because it just sits there, and you hope somebody pays you more for it.

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