By Paul Ploumis 29 Sep 2015 Last updated at 05:44:19 GMT
(Kitco News) - The outflow of gold from global exchange-traded products has halted and retail coin sales are strong so far in September, says Barclays.
ETP flows were light during the past two weeks, mainly due to investors reducing risk before the last meeting of the Federal Open Market Committee, Barclays says.
“Despite the dovish FOMC meeting and bullish price action, ETP flows were negative during three days after the FOMC decision,” Barclays says.
“However, on Thursday, 24 September, ETPs recorded the first big inflows since August, with a total of 4.2 tonnes, halting a steady albeit small outflows trend in September.
Meanwhile, sales of U.S. coins have continued the strong run since July, the bank says. Total U.S. Mint sales gold-bullion coins have already hit 110,000 ounces this month, topping the total from August that Barclays says was a strong month.
“U.S. retail coins have been one of the bright spots in demand since the price correction in July. July and August recorded 469% and 268% (year-on-year) growth, while September is already 79% higher than last year…,” the bank says.
Courtesy: Kitco News