The weekly flows analysis from ETF Securities shows that gold’s safe haven status has remained – following the seventh consecutive week of inflows.
The firm writes that having declined 3.05 per cent through August, the metal was buoyed by weaker than expected non-farm payrolls data, further reducing the likelihood of a rate rise from the Fed anytime before December.
However, the firm writes that gold miners are now being seen as expensive and, with their values at around twice their 2015 levels, gold miner ETPs saw their first outflows for ten weeks. Meanwhile, platinum ETPs continued to see outflows, for the tenth week in a row, as seasonally adjusted US vehicles sales came short of expectations and, in other precious metals, silver recorded inflows of USD1.4 million.
Wheat inflows rose to USD9.6 million over the period, marking the highest level in six weeks. ETF Securities writes that ahead of the ECB meeting this week investors have turned bearish on European equities, with short German and Italian equity ETPs recording their highest levels in 11 and 15 weeks respectively.