World’s Largest Gold ETF Sees Holdings Rise 1.8% to 924.94 Tonnes In One Day
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◆ Gold prices have inched 0.3% higher today as a sharp drop of nearly 2% yesterday has attracted bargain hunters
◆ Gold tested support at $1,500/oz after another peculiar sell off in the futures market saw prices fall $30 in two hours on the COMEX yesterday with most of the selling coming after European and London markets had closed
◆ The sell off came despite robust demand for gold globally as seen in the world’s largest gold ETF seeing yesterday, in just one day, its holdings rise 1.81% to 924.94 tonnes
◆ The smart money continues to diversify into gold due to the concerns about the outlook for risk assets
◆ Prudent money is moving to the safety of fully segregated gold coin and bar ownership outside of large debtor nations and the vulnerable global banking system (see Jim Rogers interview below)
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Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth.
