17.05.2016 - Higher Gold Prices Driven By ETFs
The World Gold Council reported last week that demand for the yellow metal grew at 21% in the first quarter, its fastest quarterly pace on record. This comes despite the fact that demand in China and India—the two biggest countries when it comes to gold purchases—was down. What’s driving the price of gold in 2016 are physically backed gold ETFs. Nearly $10 billion of new inflows have hit the SPDR Gold Trust, $7.7 billion year-to-date, and the iShares Gold Trust, $1.7 billion. For perspective, the two funds had combined outflows of $2.4 billion in 2015 and outflows of $3.5 billion in 2014...............................................Full Article: Source
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