Gold-backed ETFs on rise

GOLD-backed exchange traded funds increased by 9.1 tonnes in November to 2357t in global holdings, the World Gold Council notes in its latest report.
Gold-backed ETFs on rise Gold-backed ETFs on rise Gold-backed ETFs on rise Gold-backed ETFs on rise Gold-backed ETFs on rise

Staff Reporter

The WGC said Europe led inflows in November, as investors added 15.8t ($622 million, 1.5% of assets under management) of gold through funds listed in the region.
 
There were outflows for a second month in a row in North America of 5.4t ($198 million, 0.38% of assets under management)
 
The WGC said that year-to-date trends indicated that global gold-backed ETFs amounted to an equivalent of $8.5 billion so far this year, which represented an increase of 8.3% of global assets under management from December 2016.
 
European funds continued to lead inflows and captured 75% of global inflows this year, adding 143t ($5.7 billion, 14% of assets under managment) of gold to their holdings in 2017
 
German-based ETFs account for 34% of global net inflows in 2017. Xetra-Gold alone accumulated 53.3t ($2.1 billion) - a 49% increase year-to-date. 
 
Overnight, the gold price was fixed at $1256.57.
 
The WTI crude oil price was slightly down overnight at $63.34 per barrel.
 
In softer commodities, cocoa increased $93 per tonne or 5.13% to $1893/t yesterday from the $1800 in the previous trading session, tradingeconomics.com reported. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.
 
Coffee decreased 2.45c per pound or 2.06% to 116.50c/lb yesterday from 118.95c/lb in the previous trading session, tradingeconomics.com reported. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50c/lb in October of 2001.

 

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