Money in GLD falls to level last seen in January 2009
Gold has suffered a rough month, with prices dropping to levels last seen in February 2010 (https:// www.marketwatch.com/story/gold-edges-lower-as-global-stock-markets-climb-2015-11-17).
You can see just how much the metal has fallen out of favor by looking at the investor money rushing out of the SPDR Gold ETF (GLD), a popular way to get exposure to gold.
The amount of money in GLD has dropped to its lowest level since January 2009, according to FactSet data. That's shown in the chart below. Back then, the U.S. was in recession and U.S. stocks were still two months away from finding a bottom.
As the chart shows, the gold ETF didn't see much inflow on Monday, when gold futures marked their largest single- session gain in more than two weeks (https://www.marketwatch.com/story/gold-gains-amid-haven-demand-after-paris-attacks- 2015-11-16) as investors bid up safety plays in the wake of the Paris terror attacks. GLD's assets under management edged up to $23.08 billion on Monday from $23.01 billion last Friday, according to FactSet data.
Goldman Sachs analysts are among those sounding bearish (https://www.marketwatch.com/story/goldman-sachs-dont-buy- commodities-even-after-their-selloff-2015-11-19) lately on gold and other commodities, though they still see the "long- term strategic case" for holding commodities. On the other hand, one longtime mining fund manager has given four reasons why gold could jump this year (https://www.marketwatch.com/story/four-reasons-one-investor-thinks-gold-could-jump-this- year-2015-11-13).