Commerzbank: ETF Gold Holdings Rise; Coin Sales 'Robust'

New York (Oct 14)  Exchange-traded fund holdings of gold rose Monday and gold coin sales have picked up this fall, says Commerzbank. The bank notes that holdings in gold ETFs tracked by Bloomberg increased 3.7 metric tons Monday, the first daily inflow for two weeks. “After gold held its own at the $1,180 mark last week for the third time in total, there has been a recovery movement in the meantime that has seen gold increase by around $50 in price,” Commerzbank says. “Clearly the low prices are being viewed as an attractive opportunity to buy, something that is also reflected in robust coin sales.

After more gold coins were already sold again in the U.S. last month, sales in October also appear very robust, with 33,000 ounces of gold coins having been sold so far.” The bank was referring to data on the U.S. Mint’s website about American Eagle gold coins. Sales rose to 58,000 ounces in September, more than double 25,000 in August and the highest level since January, and at the current pace October sales so far are on track to top those from last month.

Source: KitcoNews