Gold ETF Outflows of $3 Bln YTD

Investors have pulled over $3 billion from the largest gold ETF so far this year and outflows are accelerating on the precious metal’s decline below $1,600 an ounce and the Federal Reserve’s outlook on quantitative easing.

“U.S. ETF investors’ five-month love affair with gold came to an abrupt end in January as they pulled $1 billion from the world’s largest bullion-backed ETF to put into other commodity funds,” says Reuters reports.

“The exodus of money from the SPDR Gold Trust was driven initially by encouraging economic trends that boosted appetite for riskier commodities such as oil and grains. The retreat has continued into February despite uncertainties over global growth,” according to the report.

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