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ETF Bullion Holdings Hit Record As Investors Go Gold Crazy

08 October 2019

 

Investors can’t seem to get enough of exchange-traded gold funds.

 

In September, gold-backed ETFs and similar funds snapped up an extra 75 metric tons of the metal worth almost $4 billion, according to a report published Tuesday by World Gold Council.The mass inflow brings the total gold held in such ETFs to a record-breaking high of 2,808 tons worldwide worth $134 billion. These funds include the SPDR Gold Shares ETF (GLD), which is the world’s largest and most liquid gold-backed fund, which grabbed 43 tons more bullion during the 30 days.Despite those inflows the price of the metal suffered over the month. At the beginning of month one troy ounce of the metal would cost you $1,529, but by the end the price had fallen to $1,472, according to Bloomberg data. One ounce of bullion was recently fetching $1,504.

 

North America Leads the Way

September’s inflow came primarily from investors in North America, where 62 tons of the metal got added. Investors in Europe and Asia purchased eight and four tons, respectively.

Today In: MoneyThe trigger that gave investors some fever was concerns over how central banks, such as the Federal Reserve, might change the cost of borrowing money.

 

Source: https://www.forbes.com