ETFs Become Net Buyers Of Gold For First Time Since February

August 19, 2013

The bleeding by ETFs is finally staunched.

 

Weekly Change Gold ETF Holdings

 

Last week, gold exchange-traded fund holdings registered a weekly increase for the first time since February, helping prices surge to their highest level in two months. The net increase of 71,320 troy ounces was modest, but removes one of the factors that have been weighing heavily on the gold market.

Just a mere stabilization in holdings is a positive, given that the physical side of the gold market is booming, with record demand for bars and coins, and a big rise in jewelry demand (see World Gold Council’s Grubb: Speculative Shorts Caused Gold Plunge).

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