When banks slowing down gold purchases and ETFs are dumping....you know gold is in trouble. China turned out to be more talk and little action, and no one will believe that myth for a long time.
"The report warned that physically backed exchange-traded funds have once again become a source of supply with outflows increasing by 68 tonnes in the last two weeks alone."
"One surprising segment that could hurt gold this year is the official sector, as Natixis pointed out that central-bank gold purchases have slowed in the past two years."
"India, despite year-over-year improvements in gold imports so far this year, still continues to see lackluster demand compared to historical norms, the report said."
"China, considered to be the last pillar of support for the gold market, is also seeing a reduced impact in the marketplace. Dahdah noted that Chinese investors have stayed away from the gold market as prices have been fairly range-bound."