Gold ETFs rise so far in 2016

UNITED STATES January 21 2016 10:12 AM

NEW YORK (Scrap Register): Gold holdings of exchange-traded funds have risen so far in 2016 while silver ETFs have collectively seen outflows, said Commerzbank. 

Analysts cite Bloomberg data showing a 22.7-tonne inflow into gold ETFs Tuesday, the highest daily inflow since October 2011. 

“Holdings in gold ETFs have increased by 50 tonnes since the beginning of the year,” said Commerzbank. 

“By contrast, silver saw outflows of a good 86 tonnes yesterday, part of which was attributable to the world’s largest silver ETF, the iShares Silver Trust. Silver ETF outflows since the start of the year have totaled 226 tons, which is presumably precluding higher prices,” the analysts noted 

Platinum ETFs posted outflows of around 12,000 ounces Tuesday, while holdings in palladium ETFs remained stable, the bank concluded.