Total global gold demand posted a year-over-year decline for the third quarter, with investment in the precious metal down by more than 50% — led by a quarterly outflow in gold-backed exchange-traded funds — according to a report from the World Gold Council released Wednesday evening.
Offsetting the rise in bar and coin investment, however, global gold-backed ETFs saw outflows of 26.7 metric tons. The same period a year earlier had seen inflows of 273.9 metric tons. ETF outflows were concentrated in North America, with “strong outflows in the larger, more liquid ETFs likely being sourced for their liquidity as the price of gold fell,” the report said.
In the bar and coin segment of investment demand, however, “long-term investors took advantage of the price drop to add to their holdings,” Juan Carlos Artigas, global head of research at the World Gold Council, told MarketWatch.
Off topic but the pic! 🙌PAMP bars 🙌
A time to buy.
good