Holdings in exchange-traded products have shrunk 7.6 percent this year, compared with gains in silver, platinum and palladium, data compiled by Bloomberg show. They were 2,432.3 tons yesterday, compared with an all-time high of 2,632.5 tons in December. Speculators held a net-long gold position of 47,164 contracts in the week ended April 2, down 76 percent from October, U.S. Commodity Futures Trading Commission data show.
“We believe a sharp rebound in gold prices is unlikely,” Goldman said. “The fall in prices could end up being faster and larger than our forecast, as aggregate speculative net long positions across Comex futures and gold ETFs remain near record highs.”