The ETF outflows keep progressing, but this time at a slower pace. Half the pace we saw begin 2013. This should at least support gold prices going forward.
The most obvious reason is because of the low premiums in China (Chart 2). There is no arbitrage opportunity anymore today, while in May 2013 we had a higher premium in China. So at that time they could take delivery on GLD and sell it to the Chinese. Today it's more difficult.