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Gold ETP holdings sink in April
03 May 2013
Year-to-date outflows now stand at $17.9bn, according to BlackRock
Holdings in gold exchange traded products (ETPs) plunged in April as prices fell dramatically, according to BlackRock’s ETP monthly report.
The report showed that gold ETP suffered outflows of $8.7bn during the month.
The fall brings year-to-date outflows for these products to a total of $17.9bn.
The challenges facing gold ETPs have intensified as lower US inflation expectations, a disappointing Chinese GDP report and rumours of potential gold reserve sales by distressed European countries led to a record drop in the spot price for gold.
However, the Gold Miner Equity ETP maintained its positive year-to-date inflows of $0.1bn.
Outflows from gold ETPs offset the $9.5bn of flows into fixed income ETPs and $9.6bn into equity ETPs.
Year-to-date flows into global ETPs stand at $79.9bn, ahead of last year's $66.3bn figure.