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Stefan Gleason: Gold ETF holdings surge, but do they actually hold gold?
By Stefan Gleason
Money Metals Exchange, Eagle, Idaho
Tuesday, December 10, 2019
Gold-linked exchange-traded products are growing in popularity with investors. Assets held by gold ETFs have grown 38 percent globally in 2019.
In October, according to the World Gold Council, gold exchange-traded funds attracted $1.9 billion in net inflows to reach a record high total gold holding of 2,900 tonnes -- at least on paper.
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There is good reason to be skeptical of whether all these "gold" vehicles actually hold physical metal sufficient to back their market capitalizations on a 1-to-1 basis. Some of them very well might; others almost certainly don't.
In fact, many of these gold instruments hold futures contracts and other financial derivative products that merely "track" the gold price. ...
... For the remainder of the commentary:
https://www.moneymetals.com/news/2019/12/10/gold-etf-holdings-surge-001923
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