By Paul Ploumis (ScrapMonster Author)
February 24, 2016 03:21:53 AM
(Kitco News) -Gold continues to flow into exchange-traded funds at a hefty rate, says Commerzbank. Analysts note that holdings in gold ETFs tracked by Bloomberg rose by another 24.4 tonnes Monday.
“Inflows amounted to around 50 tonnes within two days; this is the sharpest two-day inflow since the Greek crisis first flared up in May 2010 and equates to roughly six days of global gold-mining production,” Commerzbank says.
Since the beginning of February, more gold has flowed into the ETFs than was withdrawn all of last year, analysts continue.
“This puts total holdings at 1,665 tonnes, their highest level in nearly a year,” Commerzbank reports.
“ETF investors, who are generally regarded as having a longer-term horizon, clearly view the current price level as an attractive opportunity to buy. The high ETF purchases should lend further support to the gold price, in our opinion.”
Courtesy: Kitco News