You would think folks on Wall Street would be pretty good at economics. Some of them are. But as Alex Merced will attest, just because somebody lands a job as a stockbroker doesn’t mean they’re a good economist.
Alex works as a Wall Street trainer. He also teaches economics. In fact, he’s produced hundreds of videos on economic topics ranging from basic to advanced. In this episode of It’s Your Dime, host Mike Maharrey and Alex talk about economics and investing.
Gold holdings in gold-backed ETFs rose for the second straight month and turned positive for the year in November.
According to a report by the World Gold Council, 21.2 tons of gold, valued at about $804 million, flowed into ETFs last month. Total global holding rose to 2,365 tons.
Gold flowed into European and Asian ETFs last month, but outflows from North American funds pushed total global holdings lower.
Funds listed in China drove Asian ETF stocks of the yellow metal up last month. Asian ETFs added 2 tons of gold in August as investors hedged trade risks and currency weakness. Asian funds have seen an impressive percentage increase in 2018, growing by 9.1% year-to-date, according to data released by the World Gold Council.
European gold-back ETFs continued to add yellow metal in June, but globally, total holdings fell for the first time in nearly a year as gold flowed out of North American and Asian funds.
Global gold-backed ETF holdings fell by 49.3 tons to 2,434 tons in June, according to the latest data released by the World Gold Council. It was the first month of net outflows since July 2017.
Even with the sharp June drop, total ETF gold holdings globally remain up on the year by 63 tons.
North American funds gobbled up gold last month as gold-backed ETFs collectively added 22.5 tons of the yellow metal globally in March.
Overall, gold-backed ETFs increased their holdings to 2,415 tons worth an estimated $102.8 billion, according to data released by the World Gold Council.