UNITED STATES February 09 2015 6:15 PMTweet
NEW YORK (Scrap Register): While the physical gold market is offering a softer floor, the investment community has taken a more positive path.
According to Barclays, ETP holdings closed January on a firm note. Flows reached 66 tonnes in January, the strongest month since September 2012, but there were modest redemptions in the past week.
In contrast, the other precious metals have started the year on a weak note with silver ETPs down 106 tons, palladium ETPs down 66koz and platinum down 1koz.
For the PGMs, the weakness has persisted into early February with platinum and palladium down 12koz and 9.9koz, respectively, but silver has seen a positive start to the month and recorded inflows to the tune of 59 tons.
Gold needs to continue to draw fresh interest to extend its gains, but prices have encountered profit-taking given speculative positioning is elevated.
