Investors pulled around 40 metric tons out of Gold ETFs in July according to Allen Sykora at the WSJ.
Sykora reports that SPDR Gold Shares (GLD), saw outflows of nearly 58 metric tons since the end of June. GLD is the largest gold exchange traded fund.
Market observers provided mixed reaction to the news. Some believe that the outflows are due to short-term profit taking while others belive that this is a sign that the market has eased concerns about the credit crisis and is moving money into riskier assets.