Do ETF outflows mean the end of the gold bull market, or just the end for paper gold?

http://therealasset.co.uk/etf-outflows-gold-market/?cref=46649e0b

Amidst declining gold prices in 2013, some analysts have been quick to point to outflows from gold ETFs as evidence that the gold bull market is over.

We think this is wrong-headed thinking as we explain below, where in the next part of our research into the gold market we turn our attention to gold-backed Exchange Traded Funds.

Here we take a look at the size of the ETF market compared to other gold markets and ask if ETF outflows indicate the end of gold demand or a change for the better.