UNITED STATES November 29 2013 11:23 AM
NEW YORK (Scrap Register): Gold ETP holdings are down 21 tonnes for the year-to-date, taking total metal held in trust to below 2000 tonnes for the first time since 2010.
Indeed, outflows have gained momentum over this week, as gold
prices have fallen, and maintain the scope to further exacerbate the downside.
According to Barclays, gold prices failed to find support from the October FOMC minutes and dipped below $1250/oz, levels last seen in July as the dollar strengthened against the euro, and 10y US Treasuries rallied while equity markets retained their strength.
External markets continue to create an unfavourable backdrop for gold, while the physical market is lending little support during the seasonally strong period for consumption.
“Much of the downward pressure in platinum continues to stem from weaker gold prices, and, relatively, we believe gold has the weaker floor, thus, leaving scope for the platinum gold spread to widen,” Barclays added.