GLD ETF Shows Best Inflow In July Since Nov 2012 This strong buying in July occurred on price weakness as gold was down about 2% that month.
This shows bargain hunting in the important physical metal market.
Seasonal strength supports physical gold buying for most of the rest of the year.
https://www.321gold.com/charts/seasonal_gold.html
This bodes well for the entire gold sector.
goldguy
https://blogs.barrons.com/focusonfunds/2014/08/05/gold-july-etf-inflows-slowed-down-the-price-decline/tab/print/
News and analysis on ETFs, mutual funds and hedge funds.
Gold: July ETF Inflows ‘Slowed Down the Price Decline’
By Brendan Conway
In last year’s gold-market selloff, the flight of exchange-traded fund investors got lots of blame for driving prices lower. Lately, though, the same crowd appears be playing a supportive role.
Some 11.1 tons of new gold entered the market’s biggest ETF in July, according to fund-sponsor data. For SPDR Gold Trust (GLD), iShares Gold Trust (IAU) and similar funds, July brought the biggest investor inflow since November 2012, Commerzbank’scommodity strategists estimate this morning, although it’s not enough to convince them prices will rise:
The 15.7 tons registered constituted the largest monthly quantity since November 2012, but one swallow doesn’t make a summer. Over the year so far on balance, there has still been an outflow of some 30 tons of gold from ETFs. In view of the headwinds presented by additional demand components, the ETF inflows will probably merely have slowed down the price decline in recent weeks. While the present negative factors remain – a strong US dollar, weak physical demand in Asia, and weak coin sales in the west – we do not envisage any serious price gains. In addition to modest coin sales in the US, Australian coin sales too, for example, dipped sharply month on month in July to 25,100 ounces.
While this is going on, speculative investors have been cutting back in Comex futures and options.