Gold & Silver ETF’s: Inflows, Outflows & Fuzz

A lot has been written in the past few weeks about the gold outflows from the GLD ETF. Not the same attention has been accredited to the larger silver inflows in the SLV ETF.

As our readers know meantime, our focus is on the facts, not the noise. We did some quick checks on the figures and collected the following data.

Physical gold held in trust by GLD, publicly available on the site of the trust, over the past month:

  • March 11th: 39,762,083.81 ounces
  • March 1st: 40,313,649.35 ounces
  • Feb 15th: 42,534,954.30 ounces

When look at what the other ETF’s are doing, the latest data are provided by the weekly Standard Bank Research report, published on Monday March 11th and shows data including the previous week.

gold_ETFs_gold_holdings_march_11_2013

As all these data show, there is indeed an outflow of physical holdings by the GLD ETF: 6% in one month. It is noteworthy, but it is not significant (although it could become in the future). The decrease is slowing down; the pace of the outflows was significantly higher in the second half of February, which is not strange given the aggressive price takedown. On the total long term, the decrease in the total ETF physical holdings is barely visible on the chart, and just one of the many “corrections” in the past years.

What about silver? Well the physical silver held in trust by SLV has increased significantly over the past month. The publicly available data on the site of the trust show the following increase:

  • March 11th: 342.292.222,100 ounces
  • March 1st: 342.433.205,000 ounces
  • Feb 8th: 335,858,876.200 ounces

The total physical holdings of all ETF’s combined stand at the highest point ever!

silver_ETFs_gold_holdings_march_11_2013

What was all the fuzz about?

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