Technical Buying Gives Gold a Boost, While ETF’s Shrink Holdings

Mining Weekly reported that gold rebounded by more than 1 percent in Monday trading on technical buying although ETF were meanwhile shedding their holdings to the lowest levels seen in three years.

As quoted in the market report:

But holdings of the largest gold-backed exchange-traded-fund, New York’s SPDR Gold Trust, dropped 0.88% on Friday from Thursday, while those of the largest silver-backed ETF, New York’s iShares Silver Trust remained unchanged for the same period.

To view the whole Mining Weekly report, click here.