Friday, 27 November 2015

As gold, platinum prices fall, investors flee metal funds

Here's another sign that investors are getting tetchy about the performance of precious metals such as gold. According to Bank of America Merrill Lynch's weekly flows report, investors yanked USD 1 billion from precious metals funds in the week to Nov. 25, the chunkiest outflow in 17 weeks. Data this week were based on four days of fund flows as opposed to the normal five due to Thanksgiving holiday, the bank said. 

Precious metal funds typically focus investments in companies that mine, explore or deal in gold and other metals such as silver and platinum, the prices of which have been under the cosh recently. Gold is currently trading at USD 1,072 an ounce, near its lowest level since February 2010. Platinum, meanwhile, is close to a seven-year trough at USD 852 an ounce. Investment-grade bond funds saw outflows of USD 2.6 billion, the heftiest in eight weeks, while investors piled into money market funds, as shown by USD 12 billion of inflows. 

Emerging markets continued to be unloved as well. More money has fled emerging markets equity funds than has entered for the past four weeks, while bond funds have seen outflows in 17 of the past 18 weeks, the data showed.

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