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Gold bears pull $20.8 billion as BlackRock says buy

By Elizabeth Campbell, Bloomberg

May 13, 2013 • Reprints

Fund Outflows

Money managers withdrew $1.27 billion from gold and precious-metals funds in the week ended May 8, according to Cameron Brandt, the director of research for Cambridge, Massachusetts-based EPFR Global, which tracks money flows. This year’s outflows of $20.8 billion are the largest withdrawals since the firm began tracking the data in 2000.

A majority of the 38 analysts surveyed by Bloomberg last month predicted the metal will decline in 2013, ending a 12-year bull run. Billionaire investor Warren Buffett said May 2 that gold has no appeal even after the rout. The drop in global ETP holdings wiped $37.4 billion of value from the assets this year, while more than $4.6 trillion has been added to the value of global equities, data compiled by Bloomberg show.

Paulson favors the metal even after his Gold Fund saw declines of about 47% this year, according to two people familiar with the matter. Paulson & Co. is the biggest investor in the SPDR Gold Trust, the largest bullion ETP. The metal helps diversify portfolios, BlackRock’s Kapito said in an interview with Tom Keene on “Bloomberg Surveillance.” Kapito said he would “still be a buyer of these short-term technical blips.” BlackRock is the top investor in the iShares Gold Trust.

India, China

Physical demand for gold drove an 8% gain in prices from a two-year low on April 16. Indian imports reached more than 100 tons in April, now valued at $4.7 billion, and shipments probably will top that again this month, according to refiner MMTC-PAMP India Pvt. The country’s gold imports were 860 tons last year, the London-based World Gold Council estimates. Consumption in China rose 26% in the first quarter from a year earlier, the China Gold Association said May 7.

Gold surged 62% since the end of 2008 as the Fed was joined by central banks in Europe and Japan in printing unprecedented amounts of money, almost doubling sovereign debt to more than $23 trillion, a Bank of America index shows. Twelve analysts surveyed by Bloomberg expect prices to rise this week, with 10 bearish and five neutral.

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Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Related Terms
US Federal Reserve 8527Gold 7529bank 6455Bloomberg 5254commodities 3439Metals 3359metal 3075Standard & Poor 2008precious metals 1733U.S. government 1118cftc 937Morgan Stanley 934World Gold Council 930U.S. Commodity Futures Trading Commission 658Bank of America Corp. 596Massachusetts 585SPDR Gold Trust 436Deutsche Bank AG 426Bank of America 405policy makers 323Credit Suisse Group AG 308Warren Buffett 297Managed funds 202John Paulson 199Treasuries 179COT 172agricultural products 154BlackRock Inc. 131Charles Plosser 116Treasury Inflation Protected Securities 115EPFR Global 83Tom Keene 83Paulson & Co. 81China Gold Association 68Federal Reserve Bank of Philadelphia 48Wells Capital Management 43Cameron Brandt 43James Paulsen 38BlackRock 32Gold Fund 28Paulson 27John Kinsey 24Caldwell Securities Ltd. 18iShares Gold Trust 16Credit Suisse Asset Management 6Robert Kapito 6Nelson Louie 5costlier crude oil 4favor reducing the Fed 3MMTC-PAMP India Pvt 2food reserves 2metal helps 2

Free Newsletter Modern Trader Follow

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