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ETF Gold Holdings hit best since 2013

ETF Gold Holdings hit best since 2013

January 26, 2018

 

Holdings of gold by global exchange-traded funds have hit the highest level in nearly five years, said SP Angel.The metal has rallied for five straight sessions, and investors have been moving into gold ETFs. The ETFs track the price of the metal but trade like a stock.

 

“The precious metal is up almost 3% in the spot market this year, sustaining the surge throughout 2017 as the dollar continues to slide,” the commodities brokerage added.

 

The total known holdings in bullion-backed ETFs rose to 2,254 tons as of Tuesday, the highest since May 2013.According to Commerzbank analysts, Tuesday marked the sixth daily inflow in a row, with holdings now up by 30 tons since the beginning of the year.