An analyst report from RBS examines how investors are going absolutely bonkers for precious metal ETFs:
RBS: The strong price gains seen in November across the precious metals have brought with them fresh investor interest in the sector. At end November all four families of precious metal ETFs stood at record highs in both volume and value terms. But the net speculative long positions on COMEX/NYMEX also stand at near record levels for all of the precious metals.
Here’s the breakdown:
Gold ETF holdings rose by 24t (1%) in November to a record 1,762t. Holdings are up by 573t (48%) YTD. The value of gold ETF holdings rose by $8.5bn (15%) to a record $66.6bn as the gold price rose by $136/oz (13%). Total ETF value has increased by $34bn (101%) YTD. In euro terms the gold price rose by 11% mum as the US dollar finished the month 2% weaker against the euro. The euro value of gold holdings rose by 13% in November, ending the month at €44.5bn.
Silver ETF holdings rose by 787t (7%) in November to a record 11,882t. ETF value rose by $1bn (17%) as the silver price rose by 9% mum in US dollars and 8% in euros. YTD holdings have advanced by 3,628t (44%) and the value of holdings has increased by 142% in US dollars and 125% in euros.
Platinum ETF holdings rose by 1.7t (9%) in November to a record 20.4t and the value of holdings rose by 9% in US dollars and 7% in euros. YTD platinum holdings have advanced by 121% and their value has increased by 255% in US dollars and 231% in euros.
Palladium ETF holdings rose by 1.3t (4%) in November to a record 35.3t and their value advanced by 15% in US dollars and 14% in euros. YTD palladium holdings have risen by 72% and their value has increased by 237% in US dollars and 214% in euros.
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