Date: 31 March 2020 , 20:24
News ID: 8995
NEWS SERVICE: Non-Ferrous

Commerzbank: ETF holdings of gold rise but fall for platinum

Exchange-traded-fund holdings of platinum have fallen sharply this month, while holdings of gold keep rising, Commerzbank said. After big inflows last week, holdings in gold ETFs tracked by Bloomberg increased by another 16 metric tons Monday, putting them above 90 million ounces or over 2,800 tons for the first time, the bank pointed out.
Commerzbank: ETF holdings of gold rise but fall for platinum

The orgy of money-printing by central banks and the massive increase in national-debt levels point to continuing robust demand for gold as a safe haven,” said Commerzbank analyst Carsten Fritsch. Meanwhile, platinum ETFs tracked by Bloomberg posted a “massive” outflow of nearly 150,000 ounces Monday, Fritsch said.

“It is possible that customers received the material they needed elsewhere, in other words,” he continued. “That said, platinum ETFs had already chalked up sizable outflows in the previous days and weeks. Outflows since the beginning of the month, meanwhile, total a good 330,000 ounces, putting platinum ETF holdings almost 190,000 ounces lower than they were at the start of the year.”

The analyst also noted that platinum prices are facing a 25% quarterly loss, the biggest since the third quarter of 2008.

source: www.kitco.com
ETF platinum Gold Bank material
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