Morning Bites (part 1)

📉Gold-backed ETFs reduced their holdings by 26t through January (after -4t in December). Last month, according to the World Gold Council (WGC), ETF outflows in Europe (-33t) and Asia (-3t) outweighed additions in N. America (+9t) and the rest of the world (+2t). In our view, ETF sales still remain the main factor pressuring gold prices – especially amid skyrocketing physical gold demand in 4Q22

💎US jewellery sales fell 2% YoY in December, decelerating after the revised 5% YoY drop in November. Overall, the results were slightly better than the preliminary figure. Hence, we reiterate our view that the ongoing decline in US jewellery sales is one of the negative drivers for the diamond sector (at least in the short-term), given the country accounts for ~50% of global diamond jewellery sales

#diamonds #ETF #gold
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