Morning Bites (part 1)

📉Gold-backed ETFs saw outflows of 34t in July, down from the 56t net sales in June, according to the World Gold Council (WGC). Meanwhile, on the YTD basis, outflows stood at 84t. According to the WGC, last month's outflows were concentrated in Europe, which lost 18t in July (-87t YTD), while North American ETFs have sold 16t (+4t YTD). In our view, world ETF sales remain the foremost factor pressuring the yellow metal’s performance. However, we maintain our bullish view on gold, amid continuous inflationary pressures globally, as well as miners' rising cash costs

#ETF #gold  
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