Gold down in 7 of the past 8 weeks
It's a dark time for gold bugs.
It's been death by a thousand cuts in day after day of selling. Today's $7 decline knocks gold below the July 18 low to a fresh one-year low at $1209.
The good news, if there is any, is that there is some support nearby. The $1200 psychological level combines with the July 2017 low of $1204 to provide a cushion. August seasonals are also positive.
The driver today was a report on ETF outflows. World Gold Council data showed demand lower across all segments with slowing investment into gold-backed ETFs down 47% year on year.
I think there's a chance for a bounce here but there just isn't the excitement from retail investors for gold and it might be a long time until it comes back.
