Commerzbank notes ETF outflows as gold struggles at present
(Kitco News) - In one of the most recent research notes from Commerzbank, the commodities department has highlighted some rotation in investor sentiment away from gold ETF's. The bank said "Yesterday saw renewed ETF outflows of almost 10 tons. Outflows in the last three days of trading have totalled 30 tons. Without ETF inflows gold will struggle to rise above the $1,900 mark".
The reaction to the Moderna vaccine was not the same as the sell-off we saw following the Pfizer news release last Monday. The German bank also noted this and are not bearish on the yellow metal. Later in the report, the analysts say "It will take at least until the middle of next year for sufficient quantities of vaccines to be made available and the global population to be immunised. Until this happens, governments and central banks are likely to roll out further stimulus measures, which should benefit gold."