UNITED STATES February 15 2017 10:34 AM
NEW YORK (Scrap Register): Gold holdings in global exchange-traded funds have risen by 51 tonnes in the last two weeks, and any retreats in prices are being viewed as buying opportunities, said Commerzbank.
As an example, analysts note that gold dropped to $1,220 per troy ounce for a time Monday, before this sparked buying interest that took the metal back to the $1,230 area early Tuesday.
“The pattern of trading yesterday is thus a good illustration of how price falls are regarded by market participants as a good opportunity to buy,” said analysts at Commerzbank.
“Even the fact that stock markets are still riding high does not appear to be discouraging investors from putting their money in gold,” the bank added.
“This is also evident from the renewed purchases in gold ETFs, which saw additional inflows of 5.8 tons on Monday; for the most part, these were attributable to the world’s largest gold ETF, the SPDR Gold Trust. The gold ETFs tracked by Bloomberg have therefore seen inflows on 10 consecutive days of trading, totaling a good 51 tons,” they concluded.
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