Gold ETFs holdings rise further; Platinum ETFs posting outflows

UNITED STATES June 30 2016 7:30 AM

LONDON (Scrap Register): Holdings of gold by exchange-traded funds keep rising, while platinum continues to exit from ETFs, said Commerzbank.

Global ETF gold holdings rose another 5.6 tonnes Tuesday, their fourth straight daily inflow. Their holdings have now been topped up by a good 97 tonnes since the beginning of the month, said Commerzbank.After February, June will thus be the month with the second-highest inflows so far this year. 

Meanwhile, platinum prices are profiting neither from increase in the prices of other precious metals nor from the climbing base metal prices, with platinum stuck around the $1,000 level. 

“ETF outflows are clearly preventing any price rises," said Commerzbank. "Holdings in platinum ETFs have been reduced by 73,000 ounces in the last four days of trading – outflows almost solely affecting Absa Capital's South African platinum ETF. By contrast, palladium ETFs have appeared stable of late.”