NEW YORK (Scrap Register): Holdings of gold and platinum by global exchange-traded funds are higher so far in 2019, said BMO Capital Markets.
Precious-metals ETFs trade like a stock but track the price of the commodity, with metal put into storage to back the shares.
“Heading into a busy week of macroeconomic updates, we note that gold ETFs added to their holdings for a third straight day on Friday, bringing total year-to-date net inflows to 1.02moz [1.02 million ounces],” BMO added.
“Bloomberg data shows that total gold held by ETFs has risen 1.4% this year to 72.1moz. Despite limited price activity so far this year, platinum ETFs have seen considerable net inflows in 2019 with holdings rising 22% year-to-date to 2.8moz,” BMO noted.