https://www.engineeringnews.co.za

Global gold-backed ETF holdings fall significantly in July

7th August 2018

By: Nadine James

Features Managing Editor

     

Font size: - +

Holdings in global gold-backed exchange-traded funds (ETFs) and similar products fell by 39 t to 2 394 t in July, the World Gold Council (WGC) reported on Tuesday.

This has pushed assets under management (AUM) down to $94-billion from $98-billion in June.

The WGC attributed the outflows to the gold price performance, as the price of gold fell over 2% in dollar terms.

All regions experienced outflows in July, but ETF outflows were dominated by North American funds, losing $98-million (25 t).

Asia experienced the largest outflows on a percentage basis (6.2%), losing $220-million, while Europe reversed the recent trend of inflows, losing 8 t, which translates to $302-million.

The world’s largest physical futures trading exchange COMEX’s net long futures are the lowest in three years, highlighting bearish sentiment in the market, the WGC reported.

However, it added that “a very low net long level has historically preceded rallies in the price of gold.”

Despite last month’s fall, European funds added $2.2-billion to their holdings year-to-date, while Asian funds’ inflows grew by 8%.

While significantly impacting on global AUM, North America’s three months of negative flows, a stronger dollar and a declining gold price were not enough to offset inflows in Europe and Asia, as global AUM improved by 1.1% year-to-date.
 

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Rosond
Rosond

ROSOND provides fast, efficient, safe, and cost-effective drilling and grouting services to mining and exploration industries throughout Africa.

VISIT SHOWROOM 
AirNox Pty Ltd
AirNox Pty Ltd

AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.077 1.005s - 140pq - 2rq
Subscribe Now