Source reports record demand for gold ETF in January
ETF provider Source has stressed record demand for its Source Physical Gold P-ETC (SGLD) product in January.
Source said SGLD saw $300m (€268.5m) of new assets last month. Over 2015, its gold ETF recorded less than $250m (€223.8m) of inflows.
Total assets in the product stand at more than $2bn (€1.8bn) as at 1 February 2016.
Source reported average daily turnover on-exchange for its gold ETF between August 2015 and February 2016 with as much as $97m (€86.8m) traded in a single day.
Christopher Mellor, executive director of the equities product management team at Source, said: “ETFs are a great barometer of market sentiment. Given the challenging start to 2016 and nervousness in the markets, there is clearly a renaissance in gold as a haven.
“We have seen record demand for our gold product, with investors attracted to its very low cost and high liquidity. Given the on-going concerns over the global economy, we expect demand to remain strong.”