Precious metal ETP stores plummet

Silver holdings in physically backed ETPs shrunk by 548,896 ounces last week, a decline worth $18.9m at today's price of $34.35 per ounce. Gold ETPs fared even worse, losing 546,056 ounces or the equivalent of $819m. Meanwhile the broad CRB index fell 0.9% and crude oil dropped 4%, leading to outflows of $1.2bn across commodity ETFs. Only platinum held some hope for the precious metals market, with holdings growing by 2,716 ounces. In equities, the demand for ETFs tracking the Dax is finally beginning to ease up, with iShares reporting creation orders worth just €27m in its Dax ETF an...