Year-to-date gold ETF redemptions wipe out 2011-12 inflows

Outflows from gold-backed exchange traded funds in 2013 are now greater than the combined level of inflows seen in 2011 and 2012, according to Bloomberg data.

Yesterday, assets in gold ETFs contracted 10.27 metric tons to 2,177.12 tons, taking reductions to 454.8 tons this year, according to the news agency. Combined inflows in 2011 and 2012, by contrast, totalled 446.67 tons. Gold has fallen 18% year to date, seemingly marking the end of a twelve year bull run, and suffered its worst one-day fall in 30 years in April when it dropped over 9%. The spot price is currently trading at just over $1,400 per ounce, well down on the peak of $1,920 set in September 2011. "The ETF sales have been coming out at the same pace that we mine gold ea...