Commerzbank: ETF gold inflows slow but silver inflows remain 'robust'

June 19, 2020

New York (june 19)  Gold inflows into exchange-traded funds continue but at a slower pace, while those for silver have been “robust,” said Commerzbank. ETF gold inflows have averaged 1.5 metric tons per day this week, the bank said. “Last week’s figure was 1.9 tons, while the average for the current quarter is even 5.6 tons per day,” said analyst Carsten Fritsch. “Silver ETFs have seen their robust inflows continue, on the other hand. According to Bloomberg, yesterday saw inflows of another 90 tons, already making for a total of 212 tons this week.” Fritsch commented that an “unprecedented series” of silver ETF inflows began three months ago when prices hit an 11-year low of $11.65 per ounce. Since, silver inflows have been just shy of 4,900 tons, Fritsch continued. “That’s equivalent to more than two months of global mining production,” he said. “Or to put it another way, two-thirds of mining production in the past three months went directly into ETFs.

It is likewise remarkable to note that the ETF inflows of the past three months almost equate to the coin and bar purchases of an entire year. In view of this, it is almost surprising that the silver price has not risen significantly more steeply and has so far merely reversed its corona-related slump in March.”


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