Concerns surrounding rising government deficits and the outlook for the US dollar are sparking interest in gold ETPs while the growing auto-catalyst industry is boosting precious metals. Emma Dunkley reports
The Greek sovereign debt crisis has neatly illustrated escalating government deficits across Europe, fuelling a rush to gold as a safe haven asset. This move has bolstered inflows into exchange-traded products (ETPs) tracking the commodity over the last few weeks in particular. The year has certainly seen a strong start for ETPs based on the precious metals group, which have gained around $400m of global ETC inflows according to ETF Securities (ETFS). The firm says continuing weakness of the euro has also pushed gold spot prices to a record high, surpassing $830/oz around mid-February....
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