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Investors pulling cash from Gold ETFs

Investors pulling cash from Gold ETFs

March 6, 2019


Investors are pulling cash from the world’s largest gold exchange-traded fund at the fastest pace in more than a year as easing trade tensions push buyers out of safe-haven assets, said commodities brokerage SP Angel.“The $33 billion SPDR Gold Shares ETF, or GLD, saw a net withdrawal of $496 million on Friday, the most in a single day since February 2018,” SP Angel added.That pushed the five-day total to about $720 million, marking the fourth consecutive week of outflows.Analysts said a stronger U.S. dollar and rebounding equity market have eroded demand for bullion, particularly amid optimism the U.S. and China could reach a trade accord.“ETFs tracking gold miners have also lost cash lately,” SP Angel added. “Investors pulled $148 million from the VanEck Vectors Gold Miners ETF and $142 million from the VanEck Vectors Junior Gold Miners ETF last week.”