Video

#SaxoStrats
The Chicago Fed's national activity index tracks 85 aspects of the US economy and currently sits at a three-year high, lending a real degree of legitimacy to the current outperformance in stocks, says Saxo equities head Peter Garnry.
Article / 12 August 2013 at 8:52 GMT

ETP Holding update: Six months of continued gold reduction

Head of Commodity Strategy / Saxo Bank
Denmark

Investors seeking exposure to gold through exchange-traded products (ETPs) remained net-sellers last week, thereby continuing the uninterrupted period of weekly reductions that goes back as far as early February. The reductions are small compared with what was seen back in April and May, but with Fed tapering, low inflation and raised growth expectations still the main focus, investors are not in any hurry to get back in, especially as long as the technical picture also fails to support. 

ETP Holdings

The SPDR Gold Trust, which holds almost 50 percent of total known holdings in ETPs, increased by 1.8 tonnes last Friday. This has helped to create a bit of buzz this morning, however, from the December peak more than one quarter or 684 tonnes of gold has been removed from ETPs and, as mentioned above, we have witnessed consecutive weekly reductions since February. For the gold sentiment to become more positive, we need to see weekly additions - something that the July rally failed to produce.

Gold held in Exchange Traded Products

Relevant articles for you

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor.com permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Tradingfloor.com and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Tradingfloor.com is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Tradingfloor.com or as a result of the use of the Tradingfloor.com. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through Tradingfloor.com your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer
- 沪ICP备13028953号-1

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail