April 19 - Investors in U.S.-based funds pull a record $2.7 billion out of gold funds. Bobbi Rebell reports.
The Daily Digit is $2.7 billion. That's how much investors yanked from U.S.-based gold funds in the week of April 17th, according to Lipper, a subsidiary of Thomson Reuters that provides mutual and hedge fund data, analysis and commentary. It's the biggest withdrawal in a reporting history dating back to May 2011. The price of gold bullion tumbled nearly 9 percent on Monday, shedding more than $125 per ounce in its biggest-ever daily loss. Gold had started losing ground after Cyprus dumped most of its reserves to finance the bailout. Signs that the Fed may be ending monetary easing and slowing China economic growth helped push the precious metal down. In addition, U.S. precious metal portfolios, which include holdings in gold and gold-related stocks, have been losing money for the past five years with an average decline of 9.9 percent over that period, according to Morningstar.