August witnessed the ninth consecutive month of inflows into gold-backed ETFs, according to the World Gold Council (WGC), albeit at their slowest pace in 2020.
Commodities & Resources
The World Gold Council’s latest report finds that gold-backed ETFs recorded their eighth consecutive month of positive flows, adding 166 tonnes (t) in July – equivalent to USD9.7 billion or 4.1 per cent of assets under management (AUM).
Gold has made it through the USD2,000 per troy ounce level for the first time ever, following a 32 per cent rally this year in the precious metal.
Researchers at digital asset specialists 21Shares have uncovered further details on a recent gold counterfeiting attempt – is bitcoin the way forward, they ask.
Perth Mint has published a statement detailing its actions during a review of its activities by the London Bullion Market Association, and in response to media reports.
The recent gold rush has brought attention to gold ETPs based on sovereign mints. Australia’s Perth Mint details its gold ETP and ETF offerings.
April figures from the World Gold Council show that even as stocks and bonds regained some traction, gold still outperformed, with holdings in gold-backed ETFs reaching new all-time highs this month with net inflows up by 5 per cent (USD9.3 billion).
The WTI oil price collapse to almost minus USD40 earlier this week has had a widespread effect but none has suffered as much as the United States Oil Fund LP USO, an ETP that started the week with USD4 billion in assets, that tracks the oil futures markets and gives investors direct access to the oil price.
Latest news from REX Shares, providers of long and short ETNs on a range of key indices, has announced that Bank of Montreal (BMO) has increased the aggregate principal amount of the MicroSectors US Big Oil Index 3x Leveraged Exchange Traded Notes by USD50 million, to a new total of USD75 million.
BlackRock’s Global ETP flows report for February 2020 finds that the last week of February ranked as the worst week for equity outflows since records began in 2011, with investors selling USD31.5 billion.