Gold ETFs Reach Record High, Outpacing Official Sector

(Kitco News) -- Global gold exchange traded funds (ETFs) holdings have increased by more than 500 tonnes since January, reaching a high of over 2,000 tonnes for the first time in three years, according to a report on Monday. 'Investor gold demand has been prompted by slow global growth, negative interest rates in Europe and Japan, and the unlikelihood of the Federal Reserve raising rates in the near future,' says Frank Holmes, CEO of U.S. Global Investors. Holmes added that the worst performing precious metal last week was gold, up 1.83 percent. '[I]t has been pretty steady as of late marking the sixth consecutive weekly gain,' Holmes said. Gold prices ended the U.S. day session near steady Monday. Silver futures finished higher and closed at a new two-year high close today. August Comex gold was last down $2.20 an ounce at $1,356.10. September Comex silver was last up $0.221 at $20.32 an ounce.

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