Who's Worried? As Wall Street Soars, Gold Bulls Plow in Funds
Who's Worried? As Wall Street Soars, Gold Bulls Plow in Funds
(Bloomberg) -- Global shares may be basking in the afterglow of Wall Street’s rally on Wednesday but gold bulls just took a chance to add to substantial positions in bullion-backed exchange-traded funds as U.S. stocks fought back.
On the same day that the Dow benchmark put on more than 1,000 points, worldwide holdings in gold-backed ETFs swelled 20.6 tons to 2,207.8 tons, the most since June. That was the biggest percentage climb since July 2017.
On Thursday, as investors weighed the outlook for 2019, spot bullion was 0.2 percent higher at $1,269.02 an ounce, according to Bloomberg generic pricing.
To contact the reporter on this story: Jake Lloyd-Smith in Singapore at jlloydsmith@bloomberg.net
To contact the editors responsible for this story: Phoebe Sedgman at psedgman2@bloomberg.net, Jake Lloyd-Smith
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