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Author: Gold News Club
World Gold Council/GoldHub
“Gold-backed ETFs (gold ETFs) recorded their seventh consecutive month of positive flows, adding 104 tonnes (t) in June – equivalent to US$5.6bn or 2.7% of assets under management (AUM). This brings H1 global net inflows to 734t (US$39.5bn), significantly above the highest level of annual inflows, both in tonnage terms (646t in 2009) and US-dollar value (US$23bn in 2016). To put this strength of demand into context, H1 inflows are also significantly higher than the multi-decade record level of central bank net purchases seen in 2018 and 2019, and could absorb a comparable amount of about 45% of global gold production in H1 2020.”
Chart courtesy of GoldChartsRUs.com
USAGOLD note: That last statistic WGC quotes – 45% of global gold production being absorbed by ETFs – is probably the most salient. It is also interesting to note the current level of holdings greatly exceeds stockpiles in the period after the 2008 financial crisis when gold plied all-time highs.
Repost from 7-9-2020
Reuters/Saqib Iqbal Ahmed
“A resurgent coronavirus pandemic in the United States and the prospect of improving growth abroad are souring some investors on the dollar, threatening a years-long rally in the currency. … A decline in the dollar earlier this week set off a technical formation known as a ‘Death Cross,’ which occurs when the 50-day moving average crosses below the 200-day moving average, according to analysts at BofA Global Research.”
USAGOLD note: A heads-up is in order as death crosses are something that garner considerable attention in trading circles. “The death cross indicator,” says Investopedia (with reference to the stock market), “has proven to be a reliable predictor of some of the most severe bear markets of the past century: 1929, 1938, 1974, and 2008. Investors who got out of the stock market at the start of these bear markets avoided large losses that were as high as 90% in the 1930s.” Could be good for gold and silver.
Repost from 7-8-2020
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