Gold ETPs Halt Outflows as Buyers Return Amid Price Slump - Bloomberg

Gold ETPs Halt Outflows as Buyers Return Amid Price Slump - Bloomberg:



"Gold investors who pulled money out of U.S. exchange-traded products through the first half of 2014 rushed back in July, just as prices resumed a decline that Barclays Plc and Goldman Sachs Group Inc. say will get worse.



ETPs backed by precious metals took in $540.7 million this month through yesterday, a 1 percent gain for funds that saw a net outflow of $319 million in six months through June, data compiled by Bloomberg show. This month’s 3 percent drop in futures left prices down 7.9 percent from a 2014 peak in March.



The appeal of gold as a haven increased since Russia backed a rebellion in Ukraine and as violence escalated in the Middle East and North Africa. While the metal has outperformed equities and bonds so far this year -- gains that Citigroup Inc. says will hold -- analysts in a Bloomberg survey predict prices will drop in the fourth quarter as economic growth spurs a shift to U.S. equities already at all-time highs."



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