Fed, Trump and Wall Street Hand Gold Holdings a Spanking: Chart

(Bloomberg) -- Gold’s popularity is waning fast, and the blame lies with the Federal Reserve, Donald Trump and a Wall Street that’s toasting equity records. Global holdings in bullion-backed exchange-traded funds have contracted for the past 19 days, the longest run since 2013, and are down to the lowest since June, according to data compiled by Bloomberg. Investors are deserting the precious-metal haven with the Fed set to hike rates next week, Wall Street on a roll and the Trump presidency viewed, for now, as a positive for financial markets.

To contact the reporter on this story: Ranjeetha Pakiam in Singapore at rpakiam@bloomberg.net. To contact the editors responsible for this story: Jason Rogers at jrogers73@bloomberg.net, Jake Lloyd-Smith