Silver ETFs witness positive inflows despite continued gloom in Gold ETFs
In Gold ETFs, half a ton was added to the holdings on Wednesday, the first time since mid-June while net redemptions ahve reached 49.5 tons in July and year-to-date redemptions have reached 634.8 tons. Barclays expects prices not to move up due to seasonal weakness while China demand remains high.
Image Courtesy of FreeDigitalPhotos.net
Weak gold prices are putting pressure on gold ETF redemptions even as silver ETFs have witnessed positive flows year to date at 396 tons.�
"On a positive note, prices trading above $1300/oz neutralises the minimum amount of cash negative ETPs, whereas prices trading below $1300/oz makes an additional 160 tonnes become loss-making at least. ETP flows stabilising would bode well for gold; however, even above $1300/oz, flows remain negative," Barclays Resesearch said in a weekly note.
In Gold ETFs, half a ton was added to the holdings on Wednesday, the first time since mid-June while net redemptions ahve reached 49.5 tons in July and year-to-date redemptions have reached 634.8 tons. Barclays expects prices not to move up due to seasonal weakness while China demand remains high.
China's first Gold ETF raised $261 mn or equivalent of 6 tons of gold (CNY 1.6 bn).�
"In contrast to gold ETP flows, silver flows have not only been positive for the year to date (396 tonnes), but on Wednesday they recorded the largest daily inflow since mid-January at 144 tonnes. Investors are viewing the lower prices as a buying opportunity. However, as we have highlighted previously, a sizeable amount of ETPs are cash-negative by a large margin; in turn, we expect these potential outflows to place downward pressure on prices," Barclays said.
Sumber : Google
No comments:
Post a Comment