Last Updated : 19 November 2012 at 19:05 IST
Gold ETF holdings rise to record high: UBS
Source :Commodity Online/UBS
Total gold holdings of the 34 ETFs we track now sit at a fresh record high of 87.86 million oz. The November ETF appetite highlights the hesitant approach that many participants have adopted towards gold right now, but nonetheless buying is buying, and while subdued relative to previous periods in Q4.
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NEW YORK (Commodity Online): Holdings in gold exchange-traded-funds might not be rising as much as recent months, but nevertheless the buying continues and has driven global holdings to a fresh record high, said the Zurich based bank UBS in a commodity snippet.
According to the Swiss bank, holdings rose another 99,000 ounces Friday following 136,000 on Thursday.
“So far this month, ETFs have grown by just 491,000 ounces, falling well short of the 1.5 million ounces recorded for all of October, which in turn was the lowest monthly inflow since July,” said Edel Tully, precious-metals strategist at UBS.
“Total gold holdings of the 34 ETFs we track now sit at a fresh record high of 87.86 million oz. The November ETF appetite highlights the hesitant approach that many participants have adopted towards gold right now, but nonetheless buying is buying, and while subdued relative to previous periods in Q4, the ETF players remain very much in the buying camp--evidence of selling episodes remain quite scant,” Tully added.
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