“At the end of February, total holdings in gold-backed ETFs and similar products stood at 2,246.1t (72.2 moz), up 90.6t from January. These holdings were valued at US$90.7bn, 8% higher than a month earlier.”
MK note: We’ve been reporting on the surge in ETF purchases for several weeks now. Following up on the previous post on a hedge fund manager’s commitment to gold, this chart is indicative of professional interest in gold. As you can see, that interest is strong and on both sides of the Atlantic. German interest in ETF gold, obviously a reflection of concern with the French election and future of the euro, is particularly strong – up 16% in February. Private investors at the moment are content to sit on the sidelines while the professionals scoop up what they see as cheap gold. Don’t allow yourself to be mesmerized by the stock market and neglect gold. . . . . . .I will leave you with this cartoon from our old friend, Ed Stein. It kind of says it all. . . . . .