Gold Holdings Shrink Most in Seven Months on Recovery Signs
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Gold holdings in exchange-traded products shrank by the most in seven months as data in the U.S. added to signs that a global economic recovery is strengthening, eroding demand for haven investments.
Assets contracted 0.5 percent last week, the biggest such decline since July, according to data compiled by Bloomberg. The holdings, which reached a record in December, dropped to a three-month low of 2,602.335 metric tons on Feb. 15. Billionaire investors George Soros and Louis Moore Bacon cut their stakes in gold ETPs last quarter, while John Paulson maintained his share, government filings showed last week.