The Financial Post reported that investors are engaging in a mass exodus from gold, the likes of which have not been seen since 2007.
As quoted in the market report:
Global holdings of exchange-traded products backed by gold tumbled 1.6% last week, the most since August 2011, after minutes of a Fed policy meeting showed several officials said the central bank should be ready to vary the pace of their monthly bond purchases. The Standard & Poor’s GSCI Spot Index of 24 commodities sank 2.6%, the most since Dec. 7. The gauge surged 85% in the four years through Dec. 31 as the Fed expanded its balance sheet to more than $3 trillion.