Despite Exchanged-Traded Fund outflows in gold, the metal continues to show resilience, according to data from ETF securities. Gold is the only metal up in June on the back of reduced U.S. Federal Reserve tightening expectations and global economic concerns says Mike McGlone, research director for the New York-based firm. Gold is up about 1% this month. On Friday, gold prices were near steady after hitting a 4-week high on Thursday. As of 1:38 PM EST, Kitco’s spot gold price was quoted at $1202.30 per ounce. ‘The correlation between Fed funds futures and the gold price is near the highest ever, indicating a primary factor on the gold price,’ McGlone says. The possibility of a Greek exit from the euro is adding to the migration of safe havens such as gold, he adds. Silver has been the best performer in 2015, up 3% year-to-date, but is down 3% on the month, he says. Total silver ETF holdings have jumped nearly 10 million ounces in June, for a total increase in holdings near 1.5% to 625 million ounces. Silver is on track to have its best month of ETF inflows since August 2013. On the platinum group metals side, some analysts are saying that palladium has the best story fundamentally, however, McGlone is not so bullish. He explains that palladium is being pressured by China growth fears and profit taking in ETFs.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
