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Global Gold Bar, Coin demand shoots up 17% to $9

Global Gold Bar, Coin demand shoots up 17% to $9.1 billion in Q3

November 14, 2017

 

NEW YORK (Scrap Register): Global gold bar and coin demand shot up 17% year-on-year to reach 222.3 tons or S$9.1billion during the third quarter of this year, according to the World Gold Council.

 

But the year-on-year comparison flatters to deceive, third quarter of last year was the lowest level of bar and coin demand since Q1 2009. When considered in the broader perspective, Q3 2017 bar and coin demand was below its 3-, 5- and 10-year quarterly averages.Global holdings of gold-backed ETFs grew by just 18.9t in Q3: total AUM at end-September was 2,343.2t (US$96.7bn) – the highest since October last year. The sector saw outflows in July, before modest inflows resumed in August and gained momentum in September.But inflows into these products continued to lag well behind 2016’s record levels. During the Q1 to Q3 period, inflows of 179.7t were just one-quarter of the record inflows seen in the first nine months of 2016.ETF investors lacked a clear catalyst in Q3 as the gold market was pulled in different directions, culminating in modest global inflows for the quarter.

 

Source: https://www.scrapregister.com/n

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