“North American gold-backed ETFs experienced outflows in 2018, as gold prices weakened during the third quarter, the World Gold Council said. Holdings in North American gold-backed ETFs declined 1.3 percent by 13.4 tonnes worth $667.4 million,” reports Reuters.
Related: ETF of the Week: SPDR Gold Shares (GLD)
With some market observers betting the U.S. dollar will retreat in 2019, there is some renewed enthusiasm for gold and the related ETFs. Some believe that strong fundamentals may continue to support gold prices beyond safe-haven buys in the year ahead.
“In December alone, gold-backed ETFs globally rose 3 percent, adding 76 tonnes worth $3.1 billion, for a third-straight month of net inflows, largely driven by North American and European investment, World Gold Council data showed,” according to Reuters.
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Tom Lydon’s clients own shares of GLD.