Morning Bites
💎 India’s rough diamond net imports slid 47% YoY in August, after the 12% YoY drop in July. In terms of volumes, net imports were down 46% YoY, mostly amid De Beers’ decision to cancel its August sight, we believe. India’s polished diamond net exports declined 22% YoY (vs. -18% YoY in July). Synthetic rough diamond net imports fell 8% YoY, after the 25% YoY drop seen in July. The share of lab-grown net rough imports in total trading was 18%, as natural imports were abnormally slow due to a one-off effect
We remind readers that GJEPC has recently underpinned the looming recovery in the diamond industry, following significant reductions in polished inventories across markets and price increases indicated in certain diamond segments. We continue to believe that in 4Q24, polishers will unwind their inventories, paving the way for massive restocking in 1Q25
India accounts for ~95% of world polished stone supply
#diamonds
https://metals-wire.com/sector/Diamonds
💎 India’s rough diamond net imports slid 47% YoY in August, after the 12% YoY drop in July. In terms of volumes, net imports were down 46% YoY, mostly amid De Beers’ decision to cancel its August sight, we believe. India’s polished diamond net exports declined 22% YoY (vs. -18% YoY in July). Synthetic rough diamond net imports fell 8% YoY, after the 25% YoY drop seen in July. The share of lab-grown net rough imports in total trading was 18%, as natural imports were abnormally slow due to a one-off effect
We remind readers that GJEPC has recently underpinned the looming recovery in the diamond industry, following significant reductions in polished inventories across markets and price increases indicated in certain diamond segments. We continue to believe that in 4Q24, polishers will unwind their inventories, paving the way for massive restocking in 1Q25
India accounts for ~95% of world polished stone supply
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites
🚘EU + UK passenger car registrations dropped 17% YoY in August, after being flat YoY in July. The dynamics were broadly in-line with our estimates. Meanwhile, the figure remained 30% below the pre-COVID, 2019 level. We reiterate our view that EU car sales are likely to remain subdued in the near future, amid persistently weak local economic activity (as indicated by the EU PMI remaining <50), which is likely to further weigh on PGM consumption
In 2023, the EU+UK accounted for some 23% and 30% of world autocatalyst Pd and Pt demand, respectively
#cars
https://metals-wire.com/sector/PGM
🚘EU + UK passenger car registrations dropped 17% YoY in August, after being flat YoY in July. The dynamics were broadly in-line with our estimates. Meanwhile, the figure remained 30% below the pre-COVID, 2019 level. We reiterate our view that EU car sales are likely to remain subdued in the near future, amid persistently weak local economic activity (as indicated by the EU PMI remaining <50), which is likely to further weigh on PGM consumption
In 2023, the EU+UK accounted for some 23% and 30% of world autocatalyst Pd and Pt demand, respectively
#cars
https://metals-wire.com/sector/PGM
Morning Bites
🏭Global primary aluminium output growth slowed to 1.2% YoY in August, decelerating from the revised +2.1% YoY in July, according to data from the International Aluminium Institute. China’s production (60% of global Al output in August) also rose only 1.2% YoY. We maintain our view that Al continues to trade below its fundamentally reasonable level for 2025 (~USD 2,700/t)
Overall, the strong consumption dynamics in China (incl. solid demand from the local new energy sector and grid), as well as further US Fed Funds rate cuts, could add material support to Al prices, we believe
#aluminium
https://metals-wire.com/sector/Aluminium
🏭Global primary aluminium output growth slowed to 1.2% YoY in August, decelerating from the revised +2.1% YoY in July, according to data from the International Aluminium Institute. China’s production (60% of global Al output in August) also rose only 1.2% YoY. We maintain our view that Al continues to trade below its fundamentally reasonable level for 2025 (~USD 2,700/t)
Overall, the strong consumption dynamics in China (incl. solid demand from the local new energy sector and grid), as well as further US Fed Funds rate cuts, could add material support to Al prices, we believe
#aluminium
https://metals-wire.com/sector/Aluminium
Morning Bites (part 1)
💍China’s jewellery and watch retail sales jumped 18% YoY in August, reversing from the 12% YoY drop in July. However, according to Rapaport, China’s demand for diamond jewellery remains soft, as shoppers switched to buying gold, given the lack of purchasing power amid concerns over local economic growth. At the same time, China’s jewellery sales hit historical highs last month (+6% vs. August 2021), which might be a favourable cross-read for local diamond demand in the long term, were this trend to persist
We reiterate our view that the solid sales recovery in the world's key US downstream market (~53% of global retail gem-set jewellery trade) could accelerate the ongoing destocking in 2H24, supporting sentiment in the stressed diamond market
#diamonds
https://metals-wire.com/sector/Diamonds
💍China’s jewellery and watch retail sales jumped 18% YoY in August, reversing from the 12% YoY drop in July. However, according to Rapaport, China’s demand for diamond jewellery remains soft, as shoppers switched to buying gold, given the lack of purchasing power amid concerns over local economic growth. At the same time, China’s jewellery sales hit historical highs last month (+6% vs. August 2021), which might be a favourable cross-read for local diamond demand in the long term, were this trend to persist
We reiterate our view that the solid sales recovery in the world's key US downstream market (~53% of global retail gem-set jewellery trade) could accelerate the ongoing destocking in 2H24, supporting sentiment in the stressed diamond market
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites (part 2)
🏗 China has unveiled new economic stimulus to help hit the 5% GDP growth target in 2024, Bloomberg reports, citing PBoC Governor Pan Gongsheng. Specifically, China is to cut its reserve requirement ratio (RRR) 0.50% to 9.50%, in addition to a potential 0.20-0.25pp decrease in loan prime rate (LPR, which currently stands at 3.35%)
Furthermore, Beijing has announced a support package for the depressed local property sector, including lowering borrowing costs on as much as USD5.3tn of mortgages and easing rules for second-home purchases
Although the new Chinese stimulus is still a long way removed from previous "bazooka" measures, it is likely to add positive impetus to the stressed steel market in 4Q24. We believe, however, that more actions would be required for a full-scale recovery in construction activity
#steel
https://metals-wire.com/sector/Steel
🏗 China has unveiled new economic stimulus to help hit the 5% GDP growth target in 2024, Bloomberg reports, citing PBoC Governor Pan Gongsheng. Specifically, China is to cut its reserve requirement ratio (RRR) 0.50% to 9.50%, in addition to a potential 0.20-0.25pp decrease in loan prime rate (LPR, which currently stands at 3.35%)
Furthermore, Beijing has announced a support package for the depressed local property sector, including lowering borrowing costs on as much as USD5.3tn of mortgages and easing rules for second-home purchases
Although the new Chinese stimulus is still a long way removed from previous "bazooka" measures, it is likely to add positive impetus to the stressed steel market in 4Q24. We believe, however, that more actions would be required for a full-scale recovery in construction activity
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 1)
🔗Global crude steel output declined 6% YoY to 145mnt in August, accelerating from the -5% YoY seen in July, according to the World Steel Association data. China’s production (54% of global crude steel supply in August) was down 10% YoY, after the -9% YoY in July. Ex-China steel output was also down, slipping 2% YoY. According to the WSA numbers, last month, Russia’s production dropped 12% YoY, while US and EU output inched up 1% YoY and 2% YoY, respectively. Indian output (~8% of global steel supply) rose 3% YoY (vs. +7% YoY in July)
Although global steel market sentiment has been depressed in recent months, the new support package for China’s property sector might add some support to local construction activity in 4Q24-2025, we believe
#steel
https://metals-wire.com/sector/Steel
🔗Global crude steel output declined 6% YoY to 145mnt in August, accelerating from the -5% YoY seen in July, according to the World Steel Association data. China’s production (54% of global crude steel supply in August) was down 10% YoY, after the -9% YoY in July. Ex-China steel output was also down, slipping 2% YoY. According to the WSA numbers, last month, Russia’s production dropped 12% YoY, while US and EU output inched up 1% YoY and 2% YoY, respectively. Indian output (~8% of global steel supply) rose 3% YoY (vs. +7% YoY in July)
Although global steel market sentiment has been depressed in recent months, the new support package for China’s property sector might add some support to local construction activity in 4Q24-2025, we believe
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 2)
🔗CISA mills' daily crude steel production in early-September was reported at 1.94mnt, up 2.7% from the previous ten days, but 10.3% lower YoY. The YTD output (up to 10 September) was down 3.1% YoY. At the same time, local steel inventories rose 2.9% over the period (also being down 5.3% YoY)
China accounts for ~57% of global steel supply
#steel
https://metals-wire.com/sector/Steel
🔗CISA mills' daily crude steel production in early-September was reported at 1.94mnt, up 2.7% from the previous ten days, but 10.3% lower YoY. The YTD output (up to 10 September) was down 3.1% YoY. At the same time, local steel inventories rose 2.9% over the period (also being down 5.3% YoY)
China accounts for ~57% of global steel supply
#steel
https://metals-wire.com/sector/Steel
Morning Bites
🏗China’s preliminary excavator sales grew 12% YoY in September (domestic + export), in line with the August dynamics, according to the CME estimates. The final figure, however, is likely to remain 20% below the 2021 level. Specifically, domestic excavator sales are set to grow 17% YoY this month (but still be -48% vs. September 2021), which might indicate that local construction activity is gradually bottoming out. Meanwhile, the recently announced support package for China’s property sector could add some support to this recovery, we believe
China accounts for 52% of global steel consumption, and for 55% and 58% of world Cu and Al demand, respectively
#steel
https://metals-wire.com/sector/Steel
🏗China’s preliminary excavator sales grew 12% YoY in September (domestic + export), in line with the August dynamics, according to the CME estimates. The final figure, however, is likely to remain 20% below the 2021 level. Specifically, domestic excavator sales are set to grow 17% YoY this month (but still be -48% vs. September 2021), which might indicate that local construction activity is gradually bottoming out. Meanwhile, the recently announced support package for China’s property sector could add some support to this recovery, we believe
China accounts for 52% of global steel consumption, and for 55% and 58% of world Cu and Al demand, respectively
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 1)
🔗CISA mills' daily crude steel production in mid-September was reported at 1.99mnt, +2.7% vs. the previous ten days, but -6.8% YoY. YTD output (through 20 September) was down 3.2% YoY. At the same time, local steel inventories rose 4.5% over the period (but inched down 0.7% YoY)
Although global steel market sentiment has been depressed in recent months, the new support package for China’s property sector might help bolster local construction activity in 4Q24-2025, we believe
China accounts for ~57% of global steel supply
#steel
https://metals-wire.com/sector/Steel
🔗CISA mills' daily crude steel production in mid-September was reported at 1.99mnt, +2.7% vs. the previous ten days, but -6.8% YoY. YTD output (through 20 September) was down 3.2% YoY. At the same time, local steel inventories rose 4.5% over the period (but inched down 0.7% YoY)
Although global steel market sentiment has been depressed in recent months, the new support package for China’s property sector might help bolster local construction activity in 4Q24-2025, we believe
China accounts for ~57% of global steel supply
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 2)
🇮🇳 India’s gold imports surged ~60% YoY to 140 tons in August, following a reduction in the local customs levy to 6% from 15%, Bloomberg reports, citing WGC data. This volume in annualised terms accounts for an impressive ~34% of global demand, though this seems to us likely to be a one-off. Overall, the tax decrease, along with seasonally higher demand for gold during the Indian 4Q24 festival and wedding seasons might add support to local gold imports in the upcoming months, we believe
Historically, India is one of the world’s largest gold buying countries (~23% of global consumer gold demand in 2023)
Although at spot gold is trading above its fundamentally reasonable level for 2H24 (~$2,400/oz) we expect additional upside in the precious metal’s price, amid strong demand from global central banks, the return of ETFs to gold purchasing and monetary policy easing in US and EU
#gold
https://metals-wire.com/news-reports
🇮🇳 India’s gold imports surged ~60% YoY to 140 tons in August, following a reduction in the local customs levy to 6% from 15%, Bloomberg reports, citing WGC data. This volume in annualised terms accounts for an impressive ~34% of global demand, though this seems to us likely to be a one-off. Overall, the tax decrease, along with seasonally higher demand for gold during the Indian 4Q24 festival and wedding seasons might add support to local gold imports in the upcoming months, we believe
Historically, India is one of the world’s largest gold buying countries (~23% of global consumer gold demand in 2023)
Although at spot gold is trading above its fundamentally reasonable level for 2H24 (~$2,400/oz) we expect additional upside in the precious metal’s price, amid strong demand from global central banks, the return of ETFs to gold purchasing and monetary policy easing in US and EU
#gold
https://metals-wire.com/news-reports
Morning Bites
💎Petra Diamonds sales for fiscal year 2024 (ended June 2024) increased 13% YoY, per a company press release. Petra sold 3.2mnct during the year (+36% YoY), but with lower avg. realised prices (-17% YoY to USD 116/ct), attributable to a 12% decline in LFL prices, as well as product mix changes
Adj. EBITDA fell to USD 66mn (-42% YoY), representing a margin of 18% (vs. 35% in FY 2023 ). However, at spot, the margin might be more stressed, as diamond prices are lower than the fiscal 2024 average. Meanwhile, FCF remained negative, even though the company has cut capex with the deferral of some projects
According to Petra's CEO Richard Duffy, management sees supportive market fundamentals in the medium and longer term, expecting diamond prices to stabilise by YE24 and increase YoY in 2025, which is in-line with our view
We maintain our view that solid downstream demand might speed-up the release of industry’s inventories in 4Q24
#diamonds
https://metals-wire.com/sector/Diamonds
💎Petra Diamonds sales for fiscal year 2024 (ended June 2024) increased 13% YoY, per a company press release. Petra sold 3.2mnct during the year (+36% YoY), but with lower avg. realised prices (-17% YoY to USD 116/ct), attributable to a 12% decline in LFL prices, as well as product mix changes
Adj. EBITDA fell to USD 66mn (-42% YoY), representing a margin of 18% (vs. 35% in FY 2023 ). However, at spot, the margin might be more stressed, as diamond prices are lower than the fiscal 2024 average. Meanwhile, FCF remained negative, even though the company has cut capex with the deferral of some projects
According to Petra's CEO Richard Duffy, management sees supportive market fundamentals in the medium and longer term, expecting diamond prices to stabilise by YE24 and increase YoY in 2025, which is in-line with our view
We maintain our view that solid downstream demand might speed-up the release of industry’s inventories in 4Q24
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites (part 1)
📈China’s output of aluminium products grew 6% YoY to 5.8mnt in August, roughly in-line with the 5% YoY gain in July. Given the persistently strong demand for Al in China (~60% of its global consumption), bolstered by the rapid expansion of the local new energy sector, we maintain our positive view on the metal. We are the fundamentally reasonable price level for Al in 4Q24-2025 at USD >2,700/t
🥉Chinese output of copper products rose 3% YoY in August to 1.9mnt, after the 1% YoY rise in July. We reiterate our view that bullish grid investment plans in China, strong demand trends globally and monetary easing measures in key economies (the US, EU and China) are likely to add further support to the red metal's price. On our numbers, China represents ~55% of global Cu and demand
#aluminium #copper
https://metals-wire.com/news-reports
📈China’s output of aluminium products grew 6% YoY to 5.8mnt in August, roughly in-line with the 5% YoY gain in July. Given the persistently strong demand for Al in China (~60% of its global consumption), bolstered by the rapid expansion of the local new energy sector, we maintain our positive view on the metal. We are the fundamentally reasonable price level for Al in 4Q24-2025 at USD >2,700/t
🥉Chinese output of copper products rose 3% YoY in August to 1.9mnt, after the 1% YoY rise in July. We reiterate our view that bullish grid investment plans in China, strong demand trends globally and monetary easing measures in key economies (the US, EU and China) are likely to add further support to the red metal's price. On our numbers, China represents ~55% of global Cu and demand
#aluminium #copper
https://metals-wire.com/news-reports
Morning Bites (part 2)
🥉Global mined copper production rose 2.6% YoY in July, reversing from the -2.7% YoY in June, the International Copper Study Group (ICSG) reports. Meanwhile, on the 7mo24 basis, output was up 3.0% YoY, as production recovered at existing assets (e.g. in Chile, Indonesia and the US), and new mining projects ramped up (especially in the DR Congo). The ICSG also notes solid global refined Cu consumption (+2.9% YoY in 7mo24), mainly driven by China (+3.5% YoY)
We maintain our positive view on copper, amid growing demand for renewables globally and surging investments in China’s grid infrastructure (which represents ~8% of global Cu demand, on our numbers)
#copper
https://metals-wire.com/sector/Copper
🥉Global mined copper production rose 2.6% YoY in July, reversing from the -2.7% YoY in June, the International Copper Study Group (ICSG) reports. Meanwhile, on the 7mo24 basis, output was up 3.0% YoY, as production recovered at existing assets (e.g. in Chile, Indonesia and the US), and new mining projects ramped up (especially in the DR Congo). The ICSG also notes solid global refined Cu consumption (+2.9% YoY in 7mo24), mainly driven by China (+3.5% YoY)
We maintain our positive view on copper, amid growing demand for renewables globally and surging investments in China’s grid infrastructure (which represents ~8% of global Cu demand, on our numbers)
#copper
https://metals-wire.com/sector/Copper
Morning Bites
🌏Global manufacturing PMIs remained soft in September. The Eurozone Markit Manufacturing PMI stood at 45.0 (vs. the 45.8 seen in August). The US ISM manufacturing PMI was at 47.2 (slightly below market expectations of 47.5) and flat MoM
🇨🇳The official NBS Manufacturing PMI in China was at 49.8 in September (vs. 49.1 a month ago). Meanwhile, the Caixin China Manufacturing PMI slid to 49.3, missing the forecasts of 50.5
🇮🇳 Although India’s manufacturing PMI declined to 56.5 (also slightly below the consensus of 56.7), its indicator remains one of the strongest among the world's key economies
❗️In September, most global PMIs remained below 50.0, indicating an ongoing slowdown in regional (especially EU and US) manufacturing activity. However, India’s strong PMI data might partly offset the negative impact on demand for industrial metals (e.g. steel, aluminum and copper), we believe
#PMIs
https://metals-wire.com/news-reports
🌏Global manufacturing PMIs remained soft in September. The Eurozone Markit Manufacturing PMI stood at 45.0 (vs. the 45.8 seen in August). The US ISM manufacturing PMI was at 47.2 (slightly below market expectations of 47.5) and flat MoM
🇨🇳The official NBS Manufacturing PMI in China was at 49.8 in September (vs. 49.1 a month ago). Meanwhile, the Caixin China Manufacturing PMI slid to 49.3, missing the forecasts of 50.5
🇮🇳 Although India’s manufacturing PMI declined to 56.5 (also slightly below the consensus of 56.7), its indicator remains one of the strongest among the world's key economies
❗️In September, most global PMIs remained below 50.0, indicating an ongoing slowdown in regional (especially EU and US) manufacturing activity. However, India’s strong PMI data might partly offset the negative impact on demand for industrial metals (e.g. steel, aluminum and copper), we believe
#PMIs
https://metals-wire.com/news-reports
Morning Bites
📈Russia’s gold output inched down 0.9% YoY in August, after the 10.1% YoY growth seen in July, according to the Rosstat data. It was also 4.7% YoY higher on the 8mo24 basis. Russia’s gold output accounted for ~9% of the world's mined supply in 2023
Although, at spot, gold is trading above its fundamentally reasonable level for 2H24 (~USD 2,400/oz), we expect additional upside in the precious metal’s price, due to strong demand from global central banks and the return of ETFs to gold purchasing, amid monetary policy easing in the US and the EU
#gold
https://metals-wire.com/sector/Gold
📈Russia’s gold output inched down 0.9% YoY in August, after the 10.1% YoY growth seen in July, according to the Rosstat data. It was also 4.7% YoY higher on the 8mo24 basis. Russia’s gold output accounted for ~9% of the world's mined supply in 2023
Although, at spot, gold is trading above its fundamentally reasonable level for 2H24 (~USD 2,400/oz), we expect additional upside in the precious metal’s price, due to strong demand from global central banks and the return of ETFs to gold purchasing, amid monetary policy easing in the US and the EU
#gold
https://metals-wire.com/sector/Gold
Morning Bites
💍Hong Kong jewellery and watch sales shrank 24% YoY in August, remaining broadly in-line with the 25% YoY decline in July, per government data. According to Rapaport, local demand for diamond jewellery remained soft in August, as shoppers had switched to buying gold
Despite slack demand in HK, sentiment remains strong in the key US market (~53% of the world's gem-set jewellery trade), while Chinese data (~12% of the global market) has been upbeat in recent months, which might support the depressed diamond sector, if this trend were to persist
#diamonds
https://metals-wire.com/sector/Diamonds
💍Hong Kong jewellery and watch sales shrank 24% YoY in August, remaining broadly in-line with the 25% YoY decline in July, per government data. According to Rapaport, local demand for diamond jewellery remained soft in August, as shoppers had switched to buying gold
Despite slack demand in HK, sentiment remains strong in the key US market (~53% of the world's gem-set jewellery trade), while Chinese data (~12% of the global market) has been upbeat in recent months, which might support the depressed diamond sector, if this trend were to persist
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites
🚘US light vehicle sales dropped 12% YoY in September, after the 6% YoY gain in August. The figure remained 9% below the pre-Covid 2019 level. Seasonally-adjusted sales volumes, however, stood roughly unchanged YoY last month (but were 8% below the 2019 level).
In our view, the recent US Fed funds rate cut might bolster local car sales in the coming months. However, the medium-/long-term automotive demand for PGMs is likely to remain subdued, amid the growing appetite for EVs globally
On our numbers, North America accounted for 22% and 15% of world autocatalyst Pd and Pt consumption, respectively, in 2023
#cars
https://metals-wire.com/news-reports
🚘US light vehicle sales dropped 12% YoY in September, after the 6% YoY gain in August. The figure remained 9% below the pre-Covid 2019 level. Seasonally-adjusted sales volumes, however, stood roughly unchanged YoY last month (but were 8% below the 2019 level).
In our view, the recent US Fed funds rate cut might bolster local car sales in the coming months. However, the medium-/long-term automotive demand for PGMs is likely to remain subdued, amid the growing appetite for EVs globally
On our numbers, North America accounted for 22% and 15% of world autocatalyst Pd and Pt consumption, respectively, in 2023
#cars
https://metals-wire.com/news-reports
Morning Bites
🚘New car registrations in France, the UK, Spain, Italy and Germany slid another 5% YoY in September, after the 20% YoY decline in August, remaining well below their pre-COVID level (-17% vs. September 2019). In particular, in France and the UK, car sales were both 20% below 2019 levels, while registrations in Germany and Italy were 15% lower, respectively. In Spain, local sales were 11% below September 2019
Given these five countries represented >70% of new vehicle registrations in Europe in 2023, the region’s car sales have likely shown a moderate decline, remaining firmly below their pre-pandemic levels
#cars
https://metals-wire.com/sector/PGM
🚘New car registrations in France, the UK, Spain, Italy and Germany slid another 5% YoY in September, after the 20% YoY decline in August, remaining well below their pre-COVID level (-17% vs. September 2019). In particular, in France and the UK, car sales were both 20% below 2019 levels, while registrations in Germany and Italy were 15% lower, respectively. In Spain, local sales were 11% below September 2019
Given these five countries represented >70% of new vehicle registrations in Europe in 2023, the region’s car sales have likely shown a moderate decline, remaining firmly below their pre-pandemic levels
#cars
https://metals-wire.com/sector/PGM
Morning Bites (part 1)
🏦Global central banks accumulated net 6t of gold in August, a slowdown from the +37t seen in July, the World Gold Council reports. Overall trading was rather slow: the only country to purchase significant volumes was Poland (+6t), while Kazakhstan was a seller, with a net outflow of 5t
Although, at spot, gold continues to trade above its fundamentally reasonable level for 2H24 (~USD 2,400/oz), we expect additional upside in the precious metal’s price, following ETFs’ return to gold purchasing and monetary policy easing in the US/EU, as well as given the persistent geopolitical tensions globally
#gold
https://metals-wire.com/sector/Gold
🏦Global central banks accumulated net 6t of gold in August, a slowdown from the +37t seen in July, the World Gold Council reports. Overall trading was rather slow: the only country to purchase significant volumes was Poland (+6t), while Kazakhstan was a seller, with a net outflow of 5t
Although, at spot, gold continues to trade above its fundamentally reasonable level for 2H24 (~USD 2,400/oz), we expect additional upside in the precious metal’s price, following ETFs’ return to gold purchasing and monetary policy easing in the US/EU, as well as given the persistent geopolitical tensions globally
#gold
https://metals-wire.com/sector/Gold
❤1
Morning Bites (part 2)
📈Gold-backed ETFs purchased net 18t in September, following the +29t in August. According to the World Gold Council (WGC), inflows were recorded in North American and Asian funds, which raised 16t and 2t, respectively, while European funds sold some 2t of gold
As we have noted previously, the return of ETFs to gold buying since May, after 11 months of net selling, creates additional positive momentum for the precious metal’s price
#ETF #gold
https://metals-wire.com/news-reports
📈Gold-backed ETFs purchased net 18t in September, following the +29t in August. According to the World Gold Council (WGC), inflows were recorded in North American and Asian funds, which raised 16t and 2t, respectively, while European funds sold some 2t of gold
As we have noted previously, the return of ETFs to gold buying since May, after 11 months of net selling, creates additional positive momentum for the precious metal’s price
#ETF #gold
https://metals-wire.com/news-reports