Oil and gold ETCs hit the ground running in '09

GLOBAL - Strong inflows to oil and gold exchange traded commodities (ETCs) at the end of 2008, according to ETF Securities (ETFS). Inflows to gold and oil ETCs in the week ending 2 January 2009 totalled almost $65m, which ETFS said showed increasing investor confidence on the outlook for commodity prices. Declines in the price of oil from a peak of US$150 per barrel to a low of under $40 per barrel had spurred investors into taking long positions ETFS said, while holdings in short oil ETCs had declined. ETFS added gold ETCs rose by $42m during the week, with total inflows of $157m dur...