by Taki, Gold Silver Worlds:
Market sentiment towards gold and silver remains negative. The latest daily Sentimentrader report makes this clear. Even with higher lows in the gold price since its lowest point early July and a $100 gold rally in the latest two weeks, the sentiment data remain in negative territory.
This sentiment is also reflected in the physical gold holdings of the GLD, the largest Western gold investment vehicle. As we noted earlier, in the first week of January 2013 the GLD was backed by 43,149,400.96 ounces of physical gold. Today, its holdings stand at 28,036,311.27 ounces, a decrease of 35% year-to-date. The following chart shows the correlation between the gold price and GLD gold holdings until this summer (courtesy of Zeal Research).
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