Daily ETF gold inflow roughly equals Newcrest annual output
Holdings of gold by exchange-traded funds jumped by a “huge” amount Thursday – 2.6 million ounces, and inflows may well continue, said BMOCapital Markets.
Analysts said the increase occurred as “investment funds started to deploy cash and further central-bank rate cuts emerged. To put this in context, it is roughly equivalent to the annual production of Newcrest Mining. Given where Treasury yields now sit, macroeconomics should favor further trend inflows over the coming months.” Gold ETFs trade like a stock but track the price of gold, with metal put into vaults to back the shares.
source: www.kitco.com
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