Price fall does not affect surge in Gold ETCs
Published on: April 09, 2009 at 04:20
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LONDON: There was a surge in investments into physically-backed gold ETCs last week with the gold holdings of ETFS Physical Gold (PHAU), Gold Bullion Securities (GBS) and ETFS Physical Gold listed in Australia (GOLD) rising by 85,800 ounces ($82mn) to 7.4mn ounces ($6.68bn). Gold holdings of these ETCs have increased by 1.4mn ounces this year, the largest inflows in such a short period of time and 1.5 times inflows during the same period last year.
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Investment surge in Gold ETCs continue despite the recent fall in gold price, ETF Securities Ltd informed Commodity Online. This is not an anomaly, as last year during periods when the gold price was falling gold ETC flows also remained firm. The resilience of gold ETC flows indicates that most ETC holders are long term strategic investors, not highly sensitive to short term price swings and news flow.
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