Gold outflows from ETFs reach 19 tons so far in July
NEW YORK (Scrap Register): Gold outflows from global exchange-traded funds have totaled 19 tons so far in July, according to Commerzbank.
Gold remains completely imperturbable. Or to put it another way – no matter what happens, the gold price does not rise to any significant extent, analysts said, expressing surprise that gold has not been able to rally despite comments from U.S. President Donald Trump at the NATO summit and negative U.S. interest rates.
Since the end of June, speculative financial investors have been betting for the most part on falling prices and ETF investors are continuing to jettison their holdings, Commerzbank added.
Yesterday saw ETF outflows of 5.7 tons, making for a total of 19 tons since the start of the month. Why gold is not profiting from the current turmoil is something that puzzles us more and more each day.
Commerzbank believes the gold price to be undervalued and expect a noticeable recovery in the second half of the year.