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  • Gold trading volumes continue to rise
  • Gold trading volumes continue to rise

    9 September, 2019


    Liquidity:

    • Trading volumes continued to increase to begin September, 108% above the 2018 average, driven by COMEX and Shanghai Futures Exchange volumes.
    • COMEX net longs inched up to all-time highs for a second week in a row (long 1,134 tonnes). 
    • Futures open interest continues to move higher at $119bn, driven mostly by COMEX, and is 60% above the 2018 average.

     

    COMEX Net Longs

    Source: CFTC, Bloomberg

     

    Gold-backed ETF flows:

    • $946mn worth of inflows last week across all regions, primarily in North America and China.
    • Year-to-date flows surpassed $15bn or 11% holdings’ growth.
    • See our August ETF report we released last Thursday.

     

    Price Behavior:

    • Realized volatility spiked last week and 30-day vol is at 17, averaging over a 1% move over the past 30-days, nearly the highest in the past year.
    • Gold fell back to the Fibonacci level of $1,520 which could act as support as the price consolidates