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Commerzbank: ETF gold holdings rise 16 tons so far in 2020

Friday January 24, 2020

 

Holdings of gold by exchange-traded funds have risen by more than 10 tons so far in 2020, said Commerzbank. The ETFs trade like a stock but track the price of the commodity, with metal put into storage to back the shares. This gives investors exposure to gold prices without having to take on costs such as assaying and storage. As of 8:58 a.m. EST, spot gold was down 80 cents for the day to $1,561.60 an ounce. “In our opinion, the price should be well supported at roughly its current level, as ETF inflows also suggest,” Commerzbank said. “Gold ETFs have seen inflows of 10 tons so far this week, and of over 16 tons since the start of the year.”

 

Source: https://www.kitco.com/n