August saw a falloff in gold-backed ETF inflows together with central banks slowing down their acquisitions.
Reserve banks have actually always been price-sensitive, stated Jeff Christian, taking care of companion of CPM Group, and also would certainly quit purchasing if the cost of gold is too expensive.
When it comes to exchange-traded fund (ETF) holdings, not all of the circulations this year was from investment need to start with.
" It was clear to us that some bullion financial institutions have been taking gold and silver, physical metal depositories, and also marketing that in exchange for recently provided shares of the ETFs, therefore some component of that [gold and silver ETF inflows] wasn't investment demand, it was financial institutions disgorging physical silver and also changing it on their annual report with ETF shares," Christian told Kitco News.
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