by Peter Schiff, Schiff Gold:
The flow of metal out of gold-backed ETFs slowed significantly in November, with North American ETFs charting gold inflows for the first time in five months.
A total of 9 tons of gold flowed out of ETFs globally, but total assets under management increased by 2% thanks to the rise in the price of gold.
Globally, ETFs hold 3,236 tons of gold valued at $212 billion as of Dec. 1.
North American-based ETFs recorded a 10.4-ton increase in their gold holdings. According to the World Gold Council, the fact that the Federal Reserve kept interest rates unchanged for the consecutive meeting brought forward investors’ expectations for the tightening cycle ending.