Subscriber F.H. brings our attention to a comment made by a gold fund manager. The manager suggested that the reason for gold's weakness is primarily due to the liquidation occurring in gold ETFs, like (NYSEARCA:GLD). This implies that if there weren't gold ETFs, then the price of gold would not decline as much as it already has (possibly not at all). However, our work on this topic is to check the data and show how easily this can be proven an incorrect analysis.
The chart below quickly demonstrates that gold outflows from ETFs is a symptom and not the cause in the decline of gold.