Commerzbank: ETFs Add To Gold, Silver Holdings
Exchange-tradedfunds have increased holdings of gold and silver so far this week, reportsCommerzbank. Prices of both metals fell Tuesday. “Investors appear to beviewing the price slide as a buying opportunity, however, as gold ETFs sawinflows of 2.7 tonnes yesterday,” the bank says. “Holdings in silver ETFs haverisen by 20 tonnes so far this week.” The ETFs trade like a stock but track theprice of the commodity, with metal put into storage to back the shares.
By Allen Sykoraof Kitco News; asykora@kitco.com
BMO: ETF PalladiumHoldings Decline
Wednesday February 21, 2018 10:22
Exchange-traded-fundinvestors continue to pare back their exposure to palladium, one of thehighest-flying commodities in 2017, reports BMO Capital Markets. “Total known palladium ETF holdings fell to 1.158 millionounces on Monday, hitting their lowest level since December 2009 as theoutflows showed no signs of abating...,” BMO says. “Year-to-date ETF holdingshave declined 13% and are down 26% since last September’s peak.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Commerzbank:Russian Central Bank Buying Gold; PBOC Stands Pat
Wednesday February 21, 2018 10:22
Russia’s centralbank continues to add gold to reserves while the People’s Bank of China remainson hold, points out Commerzbank. Analysts cite news that the Russian centralbank bought 600,000 ounces, or 18.7 tonnes, of gold in January as it continuedto diversify its reserves. Analysts cite International Monetary Fund datashowing that Turkey also bought large quantities of gold in January at 560,000ounces or 17.4 tonnes. “Thus the Turkish central bank has topped up its goldreserves by a total of 205 tonnes over 13 consecutive months,” Commerzbanksays. “This goes some way to plugging the gap left by the Chinese central bank.The PBOC, meanwhile, has bought no more gold for 15 months in a row. Kazakhstancontinues to buy gold in small quantities, as it has been doing steadily foryears.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Metals Focus: Declining European Car Market To Hurt Platinum
Wednesday February 21, 2018 10:22
Platinum prices may be dinged by a decline in popularity ofdiesel-powered vehicles in Europe, says the consultancy Metals Focus.Diesel-powered vehicles require platinum for catalytic converters, while thosepowered by gasoline can use palladium. A LMC Automotive assessment of the European diesel car market inJanuary shows that diesel’s share of western European sales continued to fall,slipping below 40%. Metals Focus points out this was the lowest since 2002after the diesel share was around 55% seven years ago. “Diesel technology’s decliningmarket share is of added concern as it is now coupled with a drop in absolutevehicle sales,” Metals Focus says. “In previous years, in spite of this sharefalling almost uninterruptedly since 2011, the trend in the number of dieselvehicles sold had not always followed suit....In the context of PGM [platinumgroup metals] automotive demand, platinum will most likely bear the brunt ofthis decline. An additional headwind for the metal is our expectation thatdiesel catalyst platinum loadings are unlikely to rise materially in the nearterm.”
By Allen SykoraFor Kitco News
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