News Bites Investors Continue Piling Into Silver ETFs

Investors are continuing to pile into silver exchange-traded funds, with ETF holdings since the start of June rising by more than the amount of metal normally mined throughout the world in an entire month, analyst said.

silver bars closeup resized - News Bites Investors Continue Piling Into Silver ETFs“Holdings in silver-backed ETFs surged 818.8 tonnes on Tuesday, the biggest daily increase in data compiled by Bloomberg since 2006,” said commodities brokerage SP Angel. “Investors added to silver ETFs for a 12th straight day, bringing total known assets to a record 18,315 tonnes.”

The metal has been outperforming gold lately, as reflected by a declining gold/silver ratio, said Commerzbank.

“It seems as if silver was kissed awake two or three weeks ago when the technically important 100- and 200-day moving averages held firm,” Commerzbank said. “Ever since, the price has been rising almost continuously.”

Analysts cited “unabated and very high buying” demand from investors.

Silver ETFs have now seen inflows of nearly 2,000 tonnes since the start of the month, and even of 2,400 tons since the beginning of June,” Commerzbank said. “This is equivalent to more than a month’s worth of mining production. The holdings in the silver ETFs tracked by Bloomberg are at a record high of over 18,300 tons.”

Source: Kitco.com

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