"In terms of our holdings, we are very much seeing more of a holding pattern [with ETFS Securities Physical Gold (SGOL)]," says Daniel Wills, senior analyst at ETF Securities. The most popular gold ETF, SPDR Gold Shares (GLD), shed only 2 tons in the last week as buying stopped and selling slowed.
"The other risk assets are very much still in play," says Wills who has seen strong inflows into their ETFS Physical Platinum (PPLT) and ETFS Physical Palladium (PALL). Platinum added 14,899 ounces in February while palladium added almost 20,000.
Platinum lost $2.50 to $1,859.40 an ounce while palladium ended down $12 to $826.45 an ounce. These two metals are so "geared to the auto sector cycle," explains Wills "and this has been a particularly strong point in the emerging market growth story."
Silver prices shed 18 cents to $30.09. The metal has been moving more with gold this week rather than industrial metals, despite the fact that it is used in construction and manufacturing. The metal settled over the $30 level for three consecutive trading days. Many experts are looking a $30.50 as the target, the one silver must take out before confirming an up move.Gold mining stocks, a risky but profitable way to buy gold, were losing ground. Goldcorp (AUY) was down 1.11% at $42.61 while Harmony Gold (HMY) was losing 1.92% at $10.75. Goldcorp recently announced that its proven and probable gold reserves rose 23% to 60.1 million ounces in 2010. Other gold stocks Gold Fields (GFI) and New Gold (NGD) were trading at $15.92 and $9.25, respectively.
|More on Gold Gold Price News|
|How to Invest in Gold|
>To contact the writer of this article, click here: Alix Steel. >To follow the writer on Twitter, go to http://twitter.com/adsteel. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV