Finishing our thoughts on Europe and gold comes a report that Europeans have been buying gold at a record pace in 2019. Europe’s version of GLD is Invesco Physical Gold ETC, which has seen an inflow of over 500 million USD this year. Now that’s a lotta gold! Apparently, EU member central banks aren’t the only ones chafing against the ECB reins; all this buying is evidence that many regular people are seeing a pinch coming too.
And they’re wanting to protect some asset value by going back to basics. Gold’s recent dip below 1300 may have spurred some buying, as gold regained 1300 in late NY trading yesterday, and TD Ameritrade released an estimate that gold should regain 1322 “sooner than anticipated.”
All news that leaves bulls breathing easier. Today’s featured story has to be about Europe’s rush to gold, and we are keeping an eye on the ECB.
Continue reading at ETFExpress.com