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SP Angel: Gold ETF Holdings Fall To Lowest Level Since March

Kitco News

Holdings of gold by global exchange-traded funds have fallen to the lowest level since March, reports commodities brokerage SP Angel. The ETFs trade like a stock but track the price of the commodity, with metal put into storage to back the shares. They give investors exposure to the gold price without incurring certain expenses such as assaying and storage. “Depressed gold prices are forcing total known holdings in ETFs to fall to 2,158.1 tonnes, the lowest since March, according to data compiled by Bloomberg,” SP Angel says. “Investors continue to exit exchange-traded funds for eight consecutive weeks, the longest slump since January 2014, as appetite for the metal wanes amid a strengthening dollar and robust demand for equities.”

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

 

FXTM’s Otunuga: ‘Gold Is Bearish On The Daily Charts’

Tuesday July 17, 2018 08:21

Gold has a bearish technical formation on the charts, says Lukman Otunuga, research analyst at FXTM. For now, the metal appears to be “on standby” ahead of ahead of congressional testimony Tuesday from Federal Reserve Chair Jerome Powell, Otunuga reports. As of 8:17 a.m. EDT, spot gold was down 90 cents to $1,239.30 an ounce. “Regarding the technical picture, gold is bearish on the daily charts as there have been consistently lower lows and lower highs,” the analyst says. “Prices are clearly struggling to keep above the $1,240 support level with bears waiting for the green light to send the commodity lower. A breakdown below the $1,240 support level could trigger a decline towards $1,236 and $1,230, respectively.”

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

 

MKS: Gold Finding Some Interest Below $1,240

Tuesday July 17, 2018 08:21

Gold is attracting some buying support not far below the market, says MKS (Switzerland) S.A. The metal has been on the defensive lately, with spot gold trading at $1,239.40 as of 8:15 a.m. EDT, down 80 cents on the day. “The metal continues to see a level of interest underneath $1,240…,” MKS says. “Key down-side support remains around $1,236-$1,237, while $1,245 will act as a top-side pivot point for an extension through $1,250. Expect participants to remain quiet leading into today's [congressional] testimony by Federal Reserve Chairman Powell, with any rallies toward $1,245 to remain offered.”

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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