Morning Bites (part 1)

📉Gold-backed ETFs sold net 14t of gold in March, following the -49t in February, the World Gold Council reports. This marked the 10th consecutive month of declines in holdings. Specifically, European funds outflow totalled 22t, while American funds returned to purchases, having raised 5t. Asian funds have also increased holdings (+3t). Overall, since June 2023, global ETFs gold reserves shrank 364t (~9% of physical gold demand in 2023 in annualised terms). Although the widely expected US Fed funds rate cut in 2024 might limit further ETFs gold sales, we believe that the precious metal’s price has already exceeded its fundamentally reasonable level (USD 2,200-2,300 for 2024)

#ETF #gold
https://metals-wire.com/sector/Gold