Photo by: Bloomberg
VANCOUVER (miningweekly.com) – The global holdings of gold-backed exchange traded funds (ETFs) have increased by 22.2 t, or 74.4-million ounces month-on-month to 2 313.2 t at the end of June.
According to the latest data released by the World Gold Council (WGC), these holdings are valued at $92.4-billion, 1% lower when compared with May.
The WGC stated that North American and European funds showed the strongest growth, adding 12.8 t to 1 227.1 t, and 10.5 t to 977.7 t, respectively. Asia sold 1.3 t (-2%), added to 61.9 t, while funds in other regions increased marginally (+0.2 t) to 46.4 t.
The WGC highlighted that in North America, gains by iShares Gold Trust (+7.4 t) outpaced that of SPDR Gold Shares (+5 t). Their holdings at the end of June were 210.3 t and 852.5 t, respectively.
In Europe, it was the UK’s Source Physical Gold P-ETC that witnessed the largest inflow worldwide in the month. Its holdings increased a massive 12.2 t (+12%) to 111.7 t.
In Asia, a decline of the Chinese fund holdings slowed in June. After falling below the 20 t mark during June, holdings of the Hua’an Yifu Gold ETF rebounded and ended the month at 20 t.
The spot gold price in New York fell by more than 4% in the past 30 days, from about $1 265/oz, to a bid price of $1 212.30/oz on Monday.