Register today: https://swissgolden/?id=320008670 Skype: olesya25011 E-Mail: Swissgolden.center@gmail Most money pumped into gold ETFs since October 2012 Gold on Monday consolidated recent gains sparked by safe haven buying after Switzerlands bombshell currency and interest rates move, the fallout from the collapse in the price of oil and the rampant dollar. In light trade on the New York Mercantile Exchange due to a public holiday in the US, gold futures advanced some $12 an ounce from Fridays close to trade at $1,277 an ounce – the highest since early September. Last week the metal gained more than 5% and is now trading over $90 up in 2015. Silvers move on Monday was more pronounced particularly give thin volumes of electronic trading. March contracts rose 3.5% or $0.60 to $17.71 compared to Fridays close. Earlier in the day the precious metal briefly traded above the $18 level. Silver is up almost 12% in 2015 after losing 20% of its value last year. Roughly 60% of silver buying is for industrial use with investment and jewellery demand making up the remainder. Silver price jump comes despite weakness in other industrial metals like copper which is trading near five-year lows after a disastrous start to the year. Its an indication of just how much investors were spooked by the latest central bank shenanigans Despite the rally, investors in exchange traded funds backed by physical gold and silver were reluctant to commit fresh money to the sector. Prompted by the currency turmoil, coppers collapse and a stock market correction, retail and institutional investors last week were finally convinced to increase their exposure to precious metals. Last week saw a the biggest jump in holdings in the dozens of gold-backed ETFs listed around the globe since October 2012 – the run up to the all-time record of 2,632 tonnes reached in December that year. New inflows of 22 tonnes saw total holdings increase to a total of 1,621.9 tonnes. At the start of the year holdings declined to a low of 1,595.6 tonnes – levels last seen April 2009. SPDR Gold Shares (NYSEARCA: GLD) – the world’s largest gold ETF holding more than 40% of the total – enjoyed net additions of 23.3 tonnes in just two days. Wednesday last week GLD holdings fell to the lowest since September 2008 at the time of the collapse of Lehman Brothers and the onset of the global financial crisis. On the Thursday and Friday following the Swiss central bank announcement investors snapped up 23.3 tonnes in GLD pushing – an indication of just how much investors were spooked by the latest central bank shenanigans. Inflows into physical silver-backed ETFs last week amounted to 71.2 million tonnes for a total of 19,452.2 tonnes. Thats still well below record levels in October of 20,182 tonnes.
Posted on: Tue, 20 Jan 2015 18:18:44 +0000
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