On this year’s Leap Day, Peter analyzed another round of inflation data and the economic factors at play in the quickly approaching 2024 general election. Bitcoin also surged back above $60,000 after the SEC approved bitcoin ETFs. Inflation came in worse than expected for personal consumption, and gold finished the week at nearly $2090/oz.
Peter released a brief video addressing the looming resurgence of inflation.
Ironically, on the back of disappointing inflation numbers, gold witnessed a dip below $2000 on Tuesday due to higher-than-expected CPI data.
In this week’s Friday Gold Wrap Podcast, JD and Joel discuss recent gold price action and market news. They also cover last Friday’s non-farm payroll numbers, the strike on Houthi rebels, and the SEC’s fumble with Bitcoin ETFs.
On Wednesday, January 10th, the Securities and Exchange Commission (SEC) made an interesting decision, voting to allow everyday folks to participate in spot bitcoin ETFs. This move marks an opening for a broader audience to delve into Bitcoin speculation.
The approved ETFs are set to be listed on various exchanges, including Nasdaq, the New York Stock Exchange, and the Chicago Board Options Exchange. This is supposed to provide an additional layer of oversight. But the announcement went terribly wrong, amplifying concerns about the ETFs.
Millennials are buying more gold than Boomers or Gen-X, according to a recent survey. But there’s a catch. Millennials are also more likely to invest in paper gold instead of physical metal.
Gold-backed funds reported an inflow of gold for the third straight month in May, flipping global ETF demand positive on the year.
Physical gold investment was up by 5% year-on-year in the first quarter.
Investors bought 302 tons of gold bars and gold coins in Q1 with a value of $18.4 billion. This was 14% above the 5-year average, according to the World Gold Council.
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.
