therealasset.co.uk / By Jan Skoyles / June 14, 2013
Yesterday’s strong US data continues to hurt gold this morning as it sets up for a second day of losses. This morning Shanghai Gold Futures continued to fall this morning after falling 1.5% yesterday.
Yesterday holdings in the SPDR gold trust fell to 1,003.53 tons, lows not seen since February 2009. This is the 17th consecutive week that holdings in gold ETFs have fallen.
Although mass-redemptions in ETFs, seen in April and May, appear to have slowed (and paused last week) there is still some nervousness, many analyst expect to see further redemptions in the medium-term.
Unemployment, the seemingly biggest factor the Fed’s decision over the status of QE, came up trumps with positive numbers yesterday. New claims on unemployment were down. May’s retail sales also showed signs of improvement, coming in higher than expected. Wall Street stocks rallied by more than 1% yesterday on the back of the data