Gold in exchange-traded funds backed by physical metal up, but still shy of high
The World Gold Council reports total ETF gold holding stand at 2,295 tonnes, which is shy of 2016’s peak
Gold held in global exchange-traded funds (ETF) backed by physical metal rose 143.5 tonnes, or $5.3bn so far in 2017.
Total ETF gold holding stand at 2,295 tonnes, which is shy of the peak of about 2,836 tonnes in December 2016, the World Gold Council reported.
European buying of these products have been the primary driver of growth, adding 131 tonnes worth $4.8bn since the start of 2017.
North American buying accounted for 22 tonnes worth about $860m. In Asia, investors sold out of 10 tonnes of gold, while other regions, including SA, added 1.1 tonnes worth nearly $63m. SA’s ETF holding is about 33 tonnes, down a tonne.
German-based ETFs Xetra-Gold and db Physical Euro Hedged ETC account for 73tonnes or 56% of the gross global inflows. Xetra-Gold itself has grown 48%, accumulating 54tonnes worth $2.1bn.