Investors Flee Precious Metals as ETF Outflows Top $1 Billion
- November outflows come after three straight months of gains
- Prices pare gains Monday as traders refocus on rate outlook
Killer Chart: Humans Versus Gold
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Investors are back to dumping precious metals as gold trades near five-year lows and banks including Barclays Plc forecast more price declines.
Outflows from U.S. exchange-traded funds backed by precious metals have reached $1.12 billion so far in November, heading for the first monthly loss since July, data compiled by Bloomberg show. Gold prices have fallen for four straight weeks as Federal Reserve Chair Janet Yellen signaled that officials are getting closer to raising U.S. interest rates, cutting bullion’s appeal as a store of value. Futures rose as much as 1.5 percent Monday after terrorist attacks in Paris spurred haven buying, before paring gains.