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Commerzbank: Gold ETF Holdings Decline This Week

Kitco News

Holdings of gold by exchange-traded funds have fallen in recent days after rising during April, points out Commerzbank. The ETFs trade like a stock but track the price of the commodity, with metal put into storage to back the shares. “The gold ETFs tracked by Bloomberg have recorded outflows of 10.5 tonnes so far this week,” Commerzbank says. “Holdings were topped up by 60 tonnes in April, however – the highest monthly inflow since February 2017. Silver ETFs saw inflows of 52 tonnes in April. While holdings in platinum ETFs remained virtually unchanged, palladium ETFs registered further outflows of 44,000 ounces last month.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

FXTM: Gold Bulls, Bears In Tug-Of-War

Friday May 4, 2018 07:54

Range-bound gold has been in a tug-of-war, although the metal is currently near the lower end of the range, says Lukman Otunuga, research analyst at FXTM. Prices were largely flat in overseas trading early Friday ahead of the monthly U.S. jobs report. “Price action suggests that gold bulls and bears have been engaged in a tug-of-war since the start of the trading year, with support at $1,300 and resistance at $1,360,” Otunuga says. “While geopolitical tensions and overall uncertainty supported bulls, bears have received constant inspiration from U.S. rate-hike expectations. With prices sinking close to the $1,300 support level this week amid an aggressively appreciating dollar, could the tug-of-war be coming to an end?”

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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