Gold and corresponding exchange-traded products have gotten some negative attention this week following the Federal Reserve's latest meeting. Although the Fed opted to once again stand pat on interest rates, market observers are adjusting their expectations upward in anticipation that the central bank will boost borrowing costs in December.
That is good news for the dollar and bad news for dollar-denominated commodities, such as precious metals. Platinum- and palladium-backed ETFs are also being pinched by speculation that the Fed is close raising rates...sort of.
“Platinum-backed funds have seen outflows of just over 160,000 ounces so far in October, taking their holdings to their lowest since early 2014 at 2.232 million ounces. The bulk of the selling was seen from the Johannesburg-listed NewPlat ETF operated by Absa Capital, which has seen its holdings fall 134,000 ounces this month,” reported Reuters.
/www.benzinga.com/trading-ideas/long-ideas/15/10/5952997/a-pinch-for-palladium-platinum-etfs alt=A Pinch For Palladium, Platinum ETFs>Full story available on Benzinga.com
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