““ETF investors – [who]tend to take a longer-term view – are continuing to withdraw,” Commerzbank says, reports Kitco. “The gold ETFs tracked by Bloomberg registered outflows of 4.5 tonnes yesterday, their highest in two weeks. Holdings have been reduced by a good 45 tonnes in August so far. By contrast, silver ETF holdings have remained largely stable, and platinum and palladium ETFs have even recorded inflows of 25,000 and 40,000 ounces, respectively, since the start of the month.”
Recent data suggest professional speculators are heavily short gold, but modest inflows have been seen to other precious metals ETFs.
For more information on the gold market, visit our gold category.
Tom Lydon’s clients own shares of GLD.