Standard Chartered: Gold ETP Holdings Down 37 Tonnes In July

Allen Sykora  Thursday July 20, 2017 09:15

Kitco News

The amount of gold held to back global exchange-traded products for the metal is down 37 tonnes so far in July, says Standard Chartered. This puts July on track to be the weakest month for ETP holdings so far in 2017. “In line with price action, investors have scaled back exposure as prices have fallen, rather than viewing the price decline as opportunity to add to holdings,” Standard Chartered says. Analysts also note that 324 tonnes of metal held in trust since the start of 2016, plus another 66 bought so far in 2017, will become loss-making if gold prices dip below $1,200 an ounce.

By Allen Sykora of Kitco News; asykora@kitco.com