12.02.2016 - Global Demand for Gold ETFs Could Support Rally
Gold exchange-traded funds are going global, and one strategist contends that wider ownership will fortify the precious metal from selling by fickle American investors. You can quibble about magnitude, but a flood of dollars into gold-tracking exchange-traded funds seems to be stoking a rise in price of gold itself. John Teves, a strategist at UBS, notes on Thursday that global ETF holdings have increased by 3.86 million ounces so far this year, and that fully two-thirds of this haul is from U.S.-listed funds such as the SPDR Gold Shares (GLD). This ETF has already taken in $2 billion in 2016, essentially recouping last year’s $2.2 billion full-year outflow...............................................Full Article: Source
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