The investment community and wider public stopped being net sellers in April, and since then have added a paltry 120 tonnes to their combined ETFs. Looking at net demand, in North America last month investors added 16.2 tonnes, Europe sold 1.7 tonnes and Asia added nearly 2 tonnes. Aside from US investors, Europe just doesn’t get the gold story, and Asians have been squirreling away physical in preference to ETFs so we can ignore them.
