BMO: ETFs post biggest gold outflows in a year
Holdings of gold by exchange-traded funds declined on Friday by the most in a year, said BMO Capital Markets.
The ETFs trade like a stock but track the price of the commodity, with metal put into storage to back the shares. This gives investors exposure to the price of gold without having to take on certain costs like assaying or storage. “Evidence of investor’s ‘dash for cash’ came from the gold market on Friday, where ~550koz [around 550,000 ounces] of net ETF outflows were recorded, the most in almost a year,” BMO said. “Gold and silver should benefit from the coordinated government action being taken at present, but only once the current wave of cross-asset selling has settled down.” Both metals are on the defensive along with equities Friday.
source: www.kitco.com
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