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Europeans bail on gold ETFs

Europeans bail on gold ETFs

October 5, 2017


North American ETF investors were bullish on gold in September, outbuying the Europeans keen to sell off with prices over US$1,300 per ounce.


World Gold Council figures show North American ETF holders adding 1.27 million ounces of gold in September, for a 4.7% increase in holdings to 44.5Moz. European ETF holders sold off 423,000oz, bringing total assets under management down 0.6%.This sell majority was the first since July, the WGC said.At the start of the month, gold prices reached $1,350/oz, but fell back down to mid-August levels of $1,280/oz by the end of the month.


The US dollar has strengthened at the start of October in anticipation of an interest rate rise by the end of the year, and gold has stayed flat; hovering between $1,270-1,280/oz. Now gold watchers (ie ETF holders) will be watching the White House to see whether Donald Trump can get his tax-slashing policy through congress.


Source: http://www.mining-journal.com