Silver ETF holdings fall during January; Gold ETF holdings mark best since March 2013
NEW YORK (Scrap Register): Holdings of silver by global exchange-traded funds have fallen this year even though they rose in the case of gold ETFs, said BMO Capital Markets in a snippet.
The World Gold Council issued a report Wednesday showing that physical holdings in gold-backed ETFs rose 72 tons in January to 2,513, the highest level of total holdings since March 2013.
The amount of metal in storage by ETFs rose along with a 3.5% increase in gold prices during the month.
Somewhat contrary to the inflows seen in gold ETFs throughout January, silver ETF flows have been moving in the opposite direction despite recent price gains, decoupling somewhat from the momentum seen in gold, with total known holdings down 1.6% throughout the month while the gold/silver ratio remains well above the five-year average of 74, currently sitting just above 83, BMO added.