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The inflow into gold exchange-traded funds during January was roughly equal to all of 2018, Commerzbank points out. The ETFs trade like a stock but track the price of the commodity, with metal put into storage to back the shares. While investors do not physically hold their own gold, they gain access to the price without having to incur costs such as shipping and storage. “Holdings in the gold ETFs tracked by Bloomberg were increased by over 70 tonnes in January, which is almost equivalent to the total inflows of last year,” Commerzbank says. In a report on demand trends released Thursday, the World Gold Council said global net inflows in 2018 were 68.9 tonnes, reversing from what at one time was an outflow, as fourth-quarter inflows totaled 112.4 tonnes.
By Allen Sykora of Kitco News; asykora@kitco.com
TDS: Platinum Could Rise On Back Of Gold Prices
Friday Feburary 01, 2019 08:52
Platinum could rise and eventually benefit from short covering on the coattails of gold’s strength, says TD Securities. As of 8:44 a.m. EST, platinum was trading $5 higher to $822 an ounce. “The one precious metal to keep an eye on is the unloved platinum, [which] is now the only precious metal where CTAs [Commodity Trading Advisers] remain heavily short [bearish],” TDS says. “Should gold remain strong, platinum’s correlation could very well pull the metal toward the $840/oz level, which would see shorts finally begin to cover.”
By Allen Sykora of Kitco News; asykora@kitco.com
FXTM: Gold Bulls ‘Dominant And In Control’ Above $1,300/Oz
Friday Feburary 01, 2019 08:52
Bulls remain in control of the gold market as long as the metal remains above the recently reclaimed level of $1,300 an ounce, says Lukman Otunuga, research analyst at FXTM. “Gold has shone with great intensity this week, reaching levels not seen in eight months thanks to a dovish Federal Reserve, geopolitical risks and a broadly weaker U.S. dollar,” Otunuga says. “The yellow metal concluded January on an incredibly positive note with prices trading around $1,321 as of writing. Market expectations over the Federal Reserve taking a break on rate hikes and persistent concerns over slowing global growth are themes that will ensure gold remains in fashion.” Turning to the daily technical charts, the analyst says gold is in a bullish trend with consistently higher highs and higher lows for a while now. “A solid weekly close above the $1,324 level may open a clean path towards $1,340,” Otunuga says. “Bulls remain dominant and in control above the psychological $1,300 level.” As of 8:44 a.m. EST, spot gold was flat for the day at $1,320.70 an ounce.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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