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ETF Securities: Gold breaks $1,000 per ounce as gold ETC holdings hit all-time high
Sydney, 10/09/2009
Gold broke the $1,000 per ounce level in Sydney this week, as investor demand for gold has continued to surge.
World gold holdings of ETF Securities’ gold ETCs hit an all time high of 8 million ounces ($8bn) at close of trade Tuesday, as the gold price edged through the psychologically important $1,000 per ounce mark.
Buying of gold ETCs has been gaining momentum over the past month with the holdings of ETFS Physical Gold (PHAU), Gold Bullion Securities: (GBS) and GOLD, rising globally by 657,724 ounces ($658mn) - the largest monthly increase since January 2009. Inflows in just the past month are equivalent to 33% of total net inflows this year, highlighting the magnitude of the recent surge.
The rise in gold ETC inflows has come at a time when investors’ appear to be becoming increasingly wary of the magnitude and duration of the rally in risk assets this year. Gold is often viewed as a safe haven asset, with gold ETCs often seeing strong inflows when investors become concerned about possible financial and economic turbulence, as we saw last year following the Lehman bankruptcy and early this year with the commencement of “quantitative easing” policies from major central banks.
ETFS recently launched a range of physically-backed ETCs on the Australian Securities Exchange (ASX) - the first time gold, silver, platinum, palladium or a precious metals basket have been made available to Australian investors through ordinary brokerage accounts.
ETCs are low-cost, transparent, liquid and can be easily traded like shares on the ASX. All physical ETCs are 100 percent backed by bullion bars which are stored in an LBMA secured vault in London.
Nigel Phelan, Director, Australia & New Zealand for ETF Securities commented:
“The surge of the gold price to above $1000 per ounce has coincided with world gold ETC holdings reaching an all time high. Locally, we are seeing increasing demand for gold ETCs by retail and institutional investors who are keen to get exposure to physical gold and take advantage of its high price. Gold is often viewed as a safe haven asset and the recent sharp rise in gold demand over the past month appears to be related to investors’ attempting to hedge against possible financial market turbulence following the extremely strong rally in risk assets over the past few months.”
For further information please contact:
Erin Taylor
Honner Media
+61 (0)2 8248 3752
+61 (0)416 366 703
Notes to Editors:
ETF Securities is a provider of Exchange Traded Commodities (ETCs) and 3rd generation Exchange Traded Funds (ETFs). The management of ETF Securities pioneered the development of ETCs, with the world's first listing of an ETC, Gold Bullion Securities in Australia and London in 2003 and then the world's first entire ETC platform which was listed on the London Stock Exchange in September 2006.
Graham Tuckwell, Founder and Chairman of ETFS, listed the first gold ETC on the ASX in 2003 on behalf of the Australian Gold Council and subsequently did the same for the World Gold Council by listing the first Gold Bullion Securities in London in 2003. Today ETF Securities now offers more than 150 Exchange Traded Products (ETPs) with $14.2 billion in assets as of 09/09/09.
The ETPs provide investors with a wide variety of investment strategies, with ETPs offering resource equities, physical, long, forward, leveraged and short exposure to all commodity sectors. ETPs are simple to access as they are traded in five currencies (EUR, USD, GBP, AUD and JPY) and listed on nine major exchanges globally including the London Stock Exchange, the New York Stock Exchange, the Tokyo Stock Exchange, NYSE-Euronext Paris, NYSE-Euronext Amsterdam, Deutsche Börse, Borsa Italiana, the Australian Securities Exchange and the Irish Stock Exchange.
To learn more about ETF Securities go to: www.etfsecurities.com
Regulatory Info
This press release has been issue by ETF Securities Limited, which is regulated by the Jersey Financial Services Commission, for journalists in Australia only. ETFS Metal Securities Australia Limited is a wholly owned subsidiary of ETF Securities Limited.
This press release appears as a matter of record only and does not constitute an offer to sell or an invitation to purchase any securities.
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