Weak currencies are #Gold’s best friends!
In the U.K., with the weaker Pound, UK’s Source Physical Gold Trust added 12.2 tonnes of gold or 12% to 111.72 tonnes in June 2017.
· At the end of June, total holdings in gold-backed ETFs and similar products stood at 2,313.1t (74.4moz), 22.2t higher from May. These holdings were valued at US$92.4bn, 1% lower compared to a month earlier.
· North American and European Funds led the way: the former gained 12.8t to 1,227.1t while the latter added 10.5t to 977.7t. Asian funds lost 1.3t (-2%) to 61.9t and funds in the Other region increased marginally (+0.2t) to 46.4t.
· In North America, gains by iShares Gold Trust (+7.4t) outpaced that of SPDR Gold Shares (+5.0t). Their holdings at the end of June were 210.3t and 852.5t respectively.
· In Europe, it was UK’s Source Physical Gold P-ETC that witnessed the largest inflow across the universe in the month. Its holdings increased a whopping 12.2t (+12%) to 111.7t.
· In Asia, decline of the Chinese fund holdings slowed in June. After falling below the 20t mark during June, holdings of the Hua’an Yifu Gold ETF rebounded and ended the month at 20.0t.
from MasterMetals http://ift.tt/2t0lqV1