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Gold, Silver Funds See Biggest Weekly Outflows in 3 Months

Gold and silver mutual funds and ETFs witnessed the biggest outflows in three months in the week ended Feb. 10 as investors put their money into soaring equities and highyielding bond markets.

Investors net sold 1.4 billion in precious metal funds in the week ended Feb. 10, according to weekly data available for 338 precious metal funds on Refinitiv Lipper.

On the other hand, investors put 43.1 billion in equities funds, as global stocks surged on optimism over vaccine rollouts and hopes of a bigger fiscal package from the United States.

iShares Silver Trust saw outflows of 919.1 million, while SPDR Gold Shares had net sales of 621 million in the last week.

The outflows from precious metal funds also came as the U.S. Treasury yields hit an over 6month high, on hopes large stimulus measures from the United States would accelerate the countrys economic growth.

The data showed global bonds also had inflows of 18.03 billion in the week ended Feb. 10.

Goldasasafehaven isnt incredibly appealing for investors during an incredible economic recovery, said TD Commodities in a report.

It also said gold remains negatively correlated to 5year5year forward inflation swaps, reflecting golds less attractive investment profile as nominal yields rise.

On the other hand, investors have been piling into some platinum ETFs in the past few weeks, the data showed.

GraniteShares Platinum Trust had an inflow of 4.6 million in the week ended Feb. 10.

Platinum prices soared to their…

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