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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
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[世界黄金协会]