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ETF Securities reports second week of precious metals outflows

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ETF Securities’ weekly flow report finds that precious metals outflows continued ahead of this week’s Fed meeting.


ETF Securities’ weekly flow report finds that precious metals outflows continued ahead of this week’s Fed meeting.

The firm writes that for a second straight week Gold (-USD71 million) and Platinum (-USD9 million) saw outflows as expectations for a March rate hike from the Federal Reserve continued to build.

Strong employment data (ADP, jobless claims) sent gold prices to below USD1,200/oz, its lowest level since the start of February. The market will be watching any potential changes to the Fed’s dotplot (rate forecasts) this week for signals of how many rate hikes to expect this year.

Turning to oil, ETF Securties writes that there were small inflows to Crude Oil despite the fall in prices last week. WTI suffered its sharpest one-day sell-off for 13 months last Wednesday, falling below USD50/bbl on the back of US inventories rising for a ninth straight week to a new high this year.

“We saw opportunistic inflows into our Crude Oil ETP of USD10 million on the drop in prices. Despite OPEC’s efforts to cut production, US oil production continues to recover and pressure oil prices to the downside.”

Last week saw continued strong inflows into Equity ETPs, with flows into tech thematic ETPs: Robotics (USD32 million) and Cyber Security (USD10 million).

ETF Securities writes that the tech sector continues to be one of the best performing sectors globally as investors rotate away from pure value sectors such as commodities into sectors with characteristics of both value and growth such as Tech.

“We continue to see further structural supports for both Robotics and Cyber Security over the medium-term.”

Last week was the fourth straight week of inflows into industrial metals. Strong manufacturing data around the world continued to support inflows into
industrial metals last week: Aluminium (USD2 million) and Nickel (USD3 million). However, the GBP saw outflows (-USD5 million) as the government suffered setbacks to its proposal to exit the EU as well as softer UK consumer data. "We also saw outflows from the EUR (-USD8 million) ahead of the Dutch elections this week. The polls still indicate a low likelihood of Geert Wilders being able to form a coalition if his party wins," ETF Securities writes.

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