Gold ETFs See Holdings Rise
Physically backed ETFs have seen gold holdings jump as equities retreated and on expectations for fewer rate hikes in 2019. Assets in gold ETFs increased for 13 consecutive sessions through December 24 to 2,187.2 tons.
The latest round of political risk from the government shutdown has pushed traders into safety plays. Nine of 15 U.S. federal departments and dozens of other agencies closed down on Saturday after President Donald Trump refused to sign a spending bill that did not include border wall funding.
The metal’s rally “should be a stark reminder to investors that gold in any form should be an essential part of any long-term investment strategy, as again the yellow metal has proven its weight when markets turn turbulent,” Stephen Innes, head of Asia Pacific trading at Oanda Corp, told Bloomberg
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