Gold may on the move higher this year, but investors keep pulling money out of gold ETFs, with $562M of outflows YTD (through June 27), according to Bloomberg, including $1.34B exiting in Q2. "Many have failed to notice the fact that gold has shown a strong performance this year, and it seems that the 2013 slump is still fresh in people’s minds," says Pension Partners' Michael Gayed.
Yesterday, however, the amount of gold in ETFs increased by 229K ounces, mostly due to GLD inflows. It's the biggest one-day increase since May and largely offset all of June's outflows.
The outflows in 2014 don't compare to the stampede in 2013, says UBS, and it suggests the bulk of the selling is now in the rearview mirror.
Gold today is ahead 0.5% to $1,328 per ounce - a three-month high.