Gold and silver ETF's saw large outflows while platinum shines
(Kitco News) - Gold and silver funds saw their biggest weekly outflow in the last three month period. This could have something to do with the rising equities market as even the FTSE 100 and CAC 40 have improved over the last couple of session. Adding to this, the US 10 year treasury yield also pushed higher which could be sending some investors in the yielding safe haven assets instead of gold.
According to Refinitiv, investors sold net $1.4 billion in precious metal funds in the week ended February 10th, according to weekly data available for 338 precious metal funds. In comparison to this investors put $43.1 billion in equities funds, as global stocks surged. It was said in the report, iShares Silver Trust saw outflows of $919.1 million, while SPDR Gold Shares had net sales of $621 million in the last week. Other data showed global bonds had inflows of $18.03 billion in the week ended February 10th. For the same period, GraniteShares Platinum Trust had an inflow of $4.6 million and spot platinum hit its highest level since September 2014.