FYI: Exchange-traded funds backed by gold increased their holdings by $1 billion in October, marking a possibly bullish shift in investor sentiment toward the precious metal.
The ETFs hold physical gold assets, which are equivalent to the fund’s asset value. Investors in the funds don’t own gold directly and thus save on storage costs. The ETFs are constantly buying and selling gold as investors purchase and redeem fund shares.
During the month, the global ETFs and similar products added 16.5 metric tons, bringing their holdings up to 2,346 metric tons. That’s the first monthly gain in four months, according to data from the World Gold Council, or WGC.
Regards,
Ted
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