Gold ETF Holdings Still Rising; Silver ETFs Post Outflows

New York (Sept 13)  Exchange-traded-fund demand for gold is holding up despite the price drop so far this week, but silver ETF demand has eased, analysts say. In fact, ETF investors used the price drop to add 4.4 tonnes to the holdings of ETFs on Tuesday, Commerzbank says. "Gold ETF holdings climbed to 2,138t yesterday, marking the highest level since mid-November," says commodities brokerage SP Angel. Conversely, Commerzbank reports, outflows have been occurring from silver ETFs for a while now. "They have already amounted to 382 tonnes since the beginning of the month, which is almost as much as in the whole of last month," Commerzbank says. "Nonetheless, the silver price is holding its own relatively well; it is trading at $17.90 per troy ounce this morning and moving largely in tandem with gold." Most precious-metals ETFs trade like a stock but track the price of the commodity, with metal put into storage to back the shares.