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Gold assets top 2,000 tons as the clamor for havens grows louder
From Bloomberg News
Wednesday, July 6, 2016
Global gold holdings topped 2,000 metric tons for the first time in three years as the Brexit fallout and speculation that U.S. interest rates won't rise any time soon sent investors hunting for a haven.
Holdings in bullion-backed exchange-traded funds rose 4.1 tons to 2,001.4 tons on Wednesday, data compiled by Bloomberg show. That's larger than gold reserves held by China, the biggest consumer and a consistent central-bank buyer in recent months. The latest increase followed the biggest one-day gain since 2009 in the SPDR Gold Shares, the largest gold ETF.
Global assets in the funds have surged 37 percent this year and prices are near a two-year high as slowing growth, negative rates in Europe and Japan, and the likelihood that the Federal Reserve won't hike further combined to boost demand. The U.K.'s vote last month to quit the European Union has added further impetus to that pro-bullion mix. Gold has likely entered the early stages of the next bull run, according to UBS Group AG, while ABN Amro Group NV says prices may hit $1,425 this quarter.
"Investment demand has been very strong, with institutional buyers of ETFs the big gorilla in the room," said John Butler, a vice president at GoldMoney, which provides custodian and investment services in Toronto. "We’ve reached a psychological tipping point where people see a material increase in the risk of a repeat of what we saw in 2008." ...
... For the remainder of the report:
http://www.bloomberg.com/news/articles/2016-07-07/gold-assets-top-2-000-...
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