TSXV:NFG - Post Discussion
Post by
nozzpack on Sep 09, 2024 12:00am
Strong Buying of Gold in China by Gold ETFs
With the extent of price appreciation that has transpired this year, J.P. Morgan stated that central banks would be buying more gold “structurally” and becoming “more tactical” around price.
Nonetheless, gold ETFs in China continue to experience net positive accumulation, with the WGC noting a seventh consecutive monthly inflow in June that pushed collective holdings to an all-time high of 92 tonnes and raised total assets under management (AUM) to a record high of RMB51 billion (US$7 billion). And by attracting a whopping RMB17 billion ($2.3 billion) across the first half (H1) of 2024, Chinese gold ETFs have posted the highest first half of any year on record, with the country’s gold ETF demand comfortably outpacing all others during the January-June period.
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