real-time news and commentary for investors
Monday, Aug 26
Money flowing back into precious metals
- Gold ETFs saw inflows equivalent to 4.7 tons of the metal last Friday, according to Bloomberg - the highest recorded since last November.
- Also, notes Commerzbank, speculative investors increased their net long positions in gold by 28% to a 3-week high of 48.4K contracts in the week ended August 20. Net longs in sliver jumped 41% to 16.2K contracts.
- Rising geopolitical risk in North Africa and the Middle East may be boosting demand, but these sorts of boosts tend to be temporary in nature, says Barron's Teresa Rivas. Maybe of more interest are recent Fed minutes and speakers at Jackson Hole suggesting a September taper is not yet a done deal.
- Gold punched through 1,400 earlier in the session, but is now down a hair at $1,393. Silver's up 1.3% to $24.10.
- Related ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, SLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO.