The fact that gold trading is of great interest is also indicated by the success of ETFs in the precious metal. In May, gold-based ETFs, therefore with a certain physical price, reached historic highs, all thanks to an influx especially in dollars.
According to the latest data, up to May 154 tons of gold were added to those already present in the safes of the various funds. Over the past 12 months, the values held in gold ETFs have almost doubled.
In terms of monetary value based on dollates, the funds saw an influx of 33.7 billion dollars. In total, the value, again in dollars, managed by ETFs was equal to 195 billion dollars in May 2020, a figure also driven by the growing value of gold. If we divide regionally we have:
- North America, in this region the funds increased their holdings by 102 tons;
- Europe with an influx of 45 tons, of which 65% in the United Kingdom;
- Asia, with China in the lead, with 4.8 tons.
You see that the Fed, with its expansionary policy, has greatly favored the accumulation in funds that should guarantee values, as well as allowing speculation. But this money is literally useless from the point of view of the real economy. It is practically as if the Fed had not printed these dollars …
The article Gold ETFs have reached a record in the possession of the precious metal comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/gli-etf-sulloro-hanno-raggiunto-un-record-nel-possesso-del-metallo-prezioso/ on Wed, 17 Jun 2020 05:30:11 +0000.