$600 million flowed out of GLD last week, but here's the bigger picture
Editor's Note: Get caught up in
minutes with our speedy summary of today's must-read news stories and expert
opinions that moved the precious metals and financial markets. Sign up here!
(Kitco News) - A shift of sentiment last week to a more risk-on appetite by investors led to some selling of safe haven vehicles, including $600 million of GLD, the world’s largest gold-backed ETF, but in the larger picture, holdings of gold ETFs have still increased, said George Milling-Stanley, Chief Gold Strategist of State Street Global Advisors.
“Let’s put all of this into context, including that $600 million outflow that we saw last week. GLD has nevertheless, in terms of assets under management, grown $5.5 billion in the year to date,” Milling-Stanley told Kitco News.
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.