PRECIOUS METALS | Yellow Metal Shines


Gold has been showing signs of vigour since the start of the new year on risk aversion. But will the gold rush continue?


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old and the precious metals markets were not immune to the major sell off in commodities


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in 2015 but the yellow metal at least managed to be a relative outperformer. Gold prices fell around 11% in 2015 while silver slipped nearly 12%. Platinum group metals ended the year much worse as anticipated shortages never materialized and the Volkswagen emissions scandal weighed on sentiment, according to a report by Emirates NBD Global Markets & Treasury. ETF holdings of gold fell 138.4 tonnes in 2015, their third consecutive annual decline as investors largely spurned gold in 2015. Most of the decline occurred in H2 2015 ahead of the widely anticipated move by the Fed. Inventories of gold on the COMEX system also fell in 2015, slipping by nearly 48 tonnes. Open interest in gold futures softened after October, helping to ease the gold futures/physical inventory ratio from a


www.wealth-monitor.com | February 2016


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