Categories: General Market Commentary / Precious Metals
Topics: General Market Commentary / General Precious Metals

Investors Are Piling Into This Gold ETF by Jason Simpkins

Investors Are Piling Into This Gold ETF

Written by Jason Simpkins

Gold is really heating up.

The metal touched a two-year high in July around $1,380 per ounce.

It's up 27%, nearly $300 per ounce, so far this year, posting its strongest first-half price gain since 1980.

And on Tuesday, gold enjoyed its best one-day gain since June's Brexit poll surprised markets

There's been some volatility, for sure. And that will continue as the Federal Reserve continues to waver on monetary policy. But gold's underlying strength is quite real.

That's perfectly evident if you look at the money-flows.

Holdings in exchange-traded funds backed by gold climbed by 13.8 metric tons in the first two days of this week, topping the 13.7 tons added in all of August, according to Bloomberg data. That drove aggregate open interest in futures to the highest in six weeks.

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