Global Silver ETFs post inflows of 361 tons in August

UNITED STATES September 02 2016 6:05 AM

NEW YORK (Scrap Register): Global holdings of gold by physically backed exchange-traded funds collectively posted their highest daily outflow – of 11.3 tons – in nearly three weeks on Wednesday.

According to Commerzbank, the SPDR Gold Trust, the world’s largest gold ETF, was responsible. The SPDR website shows a single-day outflow of 12.17 tons. Holdings in the gold ETFs tracked by Bloomberg were topped up by a mere 13.7 tons in all in August; that’s the smallest monthly increase since April.

The situation is quite different in the case of silver, where ETFs saw inflows of 361 tonnes in August, their highest inflows since March. With the exception of January, silver holdings have been increased every month so far this year.

Global platinum exchange-traded funds posted their fourth consecutive monthly outflow during August, this time by 29,000 ounces. 

Palladium ETFs posted a monthly outflow of 119,000 ounces, their highest so far this year. Since the beginning of the year, ETF holdings in platinum and palladium have been reduced by 119,000 and 264,000 ounces, respectively. Both precious metals already saw substantial ETF outflows last year.