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ETF Holdings Hit Records As Investors Funnel Into Precious Metals

ETF Holdings Hit Records As Investors Funnel Into Precious Metals

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Gold ETF holdings continue to set records while silver holdings are close to a record level after each of the metals last week gained 1.4 million and 5.8 million troy ounces, reaching 81.9 million and 596 million ounces, respectively, according to an article published on Hard Assets Investor.

Prices of the yellow and gray metals are consolidating just under $1,800 and $36 per ounce, or close to their corresponding key levels of support. Moreover, the approaching “fiscal cliff” in the U.S. is likely to send the metals to their next resistance levels of $1,920 and $40 a troy ounce, respectively, HAI said.

Platinum ETF holdings jumped higher as well, reaching a record 1.5 million after gaining 15,000 throughout the week. However, palladium holdings dropped 1,000 troy ounces to 1.95 million, according to the article.

For the full story, go to HardAssetsInvestor.com.