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ETC inflows approach USD3bn for 2009 year-to-date

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Flows into exchange-traded commodities have risen for the fifth consecutive week and the 14th week of the past 15 weeks, bringing long ETC inflows to USD2.9bn so far this year, accordin

Flows into exchange-traded commodities have risen for the fifth consecutive week and the 14th week of the past 15 weeks, bringing long ETC inflows to USD2.9bn so far this year, according to ETF Securities.

Assets under management have nearly doubled since the middle of November driven by extremely strong flows into physically backed gold ETCs, oil ETCs and – more recently- some of the more cyclically oriented commodity sectors.

Again, the largest flows last week were into physically-backed gold ETCs, with the combined gold holdings of ETFS Physical Gold, Gold Bullion Securities and ETFS Physical Gold listed in Australia rising by 16,500 ounces (USD14m) to 7.5 million ounces (USD6.65bn). Gold holdings of these ETCs have increased by 1.4 million ounces this year, the largest inflows in such a short period of time and 3.7 times inflows during 4Q08.

Flows into the gold ETCs have remained strong despite the recent fall in the gold price. ETF Securities says this is not an anomaly, as last year gold ETC flows remained firm during periods when the gold price was falling. The resilience of gold ETC flows indicates that most ETC holders are long term strategic investors, not highly sensitive to short term price swings and news flow.

ETFS Physical Platinum saw the largest inflows this week, up USD13.5m over the week. With cyclical assets running strongly over the past few weeks, interest in industrial metals ETCs has continued to rise. ETFS Industrial Metal ETCs have seen inflows of USD78m since the start of 2009, with cumulative inflows up 55 per cent YTD.

Industrial Metals ETCs are the strongest performing sector so far in 2009, taking four of the top five places by YTD performance. ETFS Copper is up 45 per cent, ETFS Physical Platinum is up 33 per cent, ETFS Physical Palladium is up 28 per cent and ETFS Forward Industrial Metals is up 16 per cent since the start of the year.

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