UNITED STATES April 07 2016 5:30 AM
LONDON (Scrap Register): Commerzbank has reported that some of the physical investment demand for precious metals is shifting from gold to silver.
Gold exchange-traded funds posted outflows of 1.2 tons Monday after last week recording their first weekly outflow – of some 6 tons – since the beginning of the year, analysts at Commerzbank added.
“The currently weak physical demand in Asia is therefore no longer being offset by ETF inflows. Holdings in silver ETFs continue to be built up, on the other hand – by 52 tons yesterday and by 164 tons last week.” said the bank.
“A shift can also be observed when it comes to demand for coins. While March saw 38,000 ounces of (U.S. Mint American Eagle) gold coins sold in the U.S., which is 18% down on the year-on-year figure, silver coin sales surged by 17% to 4.1 million ounces,” Commerzbank noted.