Gold is still stinkin' up the joint. Investors have noticed. Vicious cycle ensues.
Gold futures fell, capping the longest slump in five weeks, as holdings in exchange-traded products backed by the metal extended a decline to the lowest since July 2011….
“Without an end to this persistent ETF liquidation, the upside for gold in our opinion is severely constrained,” Marc Ground, a commodity strategist at Standard Bank Plc in Johannesburg, said in a report. “Clearly, the futures market is not convinced that gold can sustain significant upside.”
Gold futures for June delivery dropped 0.2 percent to settle at $1,434.30 an ounce at 1:40 p.m. on the Comex in New York. The price declined for the third straight session, the longest slump since April 4. The metal has tumbled 14 percent this year….
“Investors are losing interest in gold,” said Sun Yonggang, a macroeconomic strategist at Everbright Futures Co., a unit of one of China’s largest state-owned investment companies.