Gold backed ETFs added 623 tonnes of the precious Yellow metal worth $34-B to their stockpile from January to May, exceeding in 5 months every full-year increase on record, the World Gold Council (WGC) said Thursday.
In May alone, the increase was 154 tonnes, it said.
Many investors think gold is likely to hold or increase its value as the fallout from the C-19 coronavirus chaos devalues other assets.
Gold prices are up 13% this year at 1,727.40 oz. Though demand from investors has been strong, sales of jewelry, gold bars and coins in Asia have fallen, preventing prices from rising further.
ETFs store gold on investors’ behalf.
The biggest annual increase in ETF holdings is during Y 2009, during the financial crisis, when they added 591 tonnes, the World Gold Council said.
Its numbers show that by the end of May this year, gold-backed ETFs held 3,510 tonnes of gold worth $195-B.
Have a healthy weekend, Keep the Faith!