Gold prices just hit $1280. That is the highest since The Fed raised rates in June and follows the best month since February.
However, as the precious metal surged 6% in July, ETF investors abandoned the barbarous relic by the most since May 2013.
As it seems the ETF is seeing notable liquidations… perhaps reducing the implied leverage against physical holdings?
As we see physical gold holdings within the ETFs being drawn down as prices surge…