KITCO NEWS - Gold (GLD) - Get Report is seeing its worst monthly decline in nearly three years as prices drop more than $100 in November, reacting to a strong U.S. dollar and higher bond yields. The metal ended solidly lower and hit a fresh 10-month low Wednesday. However, Frank Holmes, chief executive officer for Texas-based U.S. Global Investors, says that this should be a passing storm for gold. Holmes added that another headwind for gold includes the major outflows in exchange-traded funds. Investors pulled out more than $2 billion from SPDR - the biggest gold-backed ETF - since the end of October. February Comex gold settled the day at $1,173.90 an ounce, down 1.4% on the day. Holmes also shares his touchdown pass of the week, with jobs data and the pending Italian referendum, what could really be driving gold?
This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.