Analysts Expressing Bleak Sentiment for Gold, Bullion on Track for First Annual Drop Since 2000

Bloomberg reported that gold traders are bearish, and have reduced their ETP holdings for an unprecedented 17th week in a row.

As quoted in the market report:

Eighteen analysts surveyed by Bloomberg expect prices to fall next week, with 14 bullish and four neutral, the largest proportion of bears since May 17. Investors sold 497.2 metric tons valued at about $22 billion through ETPs since Feb. 8 and the 2,117.96 tons left is the least they have held since March 2011, data compiled by Bloomberg show.

To view the whole Bloomberg report, click here.