The numbers suggest “some investors are slowly returning to risky assets … as fears of a double dip turn just into smaller-than-expected growth,” according to the note.
At the same time, “there are still unfinished issues which concern the investment community and therefore we still see safe-haven-driven flows (e.g. fixed-income, gold, defensives) as investors seek protection against the unthinkable” such as a U.S. default or European sovereign crisis contagion, the Deutsche Bank analysts wrote.
Gold climbed to a new record on Monday but ETFs tracking the yellow metal are underperforming silver prices so far this year. [Silver ETFs Outperforming Gold in 2011]
ETFS Physical Swiss Gold Shares (NYSEArca: SGOL)
