Loading ...Commerzbank: Gold ETFs Post Largest Outflow Of 2016
Monday October 24, 2016 09:29
A large outflow from SPDR Gold Shares on Friday led to the largest exodus of the year from combined global gold exchange-traded-fund holdings, says Commerzbank. “The gold ETFs tracked by Bloomberg recorded outflows of 17.7 tonnes on Friday – their biggest daily outflow so far this year – which was due mainly to the SPDR Gold Trust,” the bank says. “This reduces inflows since the beginning of the month to just shy of 10 tonnes.” However, the bank adds, this had no significant impact on gold prices. According to the SPDR website, holdings in the world’s largest gold ETF fell to 953.56 tonnes Friday from 970.17 the day before. The ETF trades like a stock but tracks the price of the commodity, with gold put into storage to back the shares. Global ETF holdings are up sharply for the year to date, a factor that has helped gold rise.
By Allen Sykora of Kitco News; asykora@kitco.com