Even after a lot of selling, the amount of gold remaining in ETFs suggests things could get a...

|By:, SA News Editor

Even after a lot of selling, the amount of gold remaining in ETFs suggests things could get a lot worse. This year's sales of 19M ounces is a 28M ounce swing from last year's gain of 9M ounces, or 870 metric tons - a significant amount compared to total demand of 4,360 tons. Gold ETFs still hold 65M ounces, leaving plenty to be potentially liquidated - consider the effect of gold ETF holdings returning to 2008's level of 30M ounces. The metal (GLD +1.8%) is enjoying a solid bounce today.