Loading prices...

Register/Sign in
ScrapMonster
Are ads getting in your way? Register for Ad-free pages and live data.
Get an instant offer on your damaged car
Gold February 15, 2024 12:30:09 PM

Gold ETFs Bleed $2.4B So Far in 2024 as Bitcoin ETFs Hit Record Volumes

Paul Ploumis
ScrapMonster Author
The 14 leading gold ETFs have seen outflows of $2.4 billion so far in 2024, according to an X post from Bloomberg intelligence analyst Eric Balchunas on Feb. 14.
Gold ETFs Bleed $2.4B So Far in 2024 as Bitcoin ETFs Hit Record Volumes

SEATTLE (Scrap Monster): Gold-tracking exchange-traded funds (ETFs) have lost billions in outflows in 2024, in contrast to ETFs tracking the spot price of Bitcoin.

The 14 leading gold ETFs have seen outflows of $2.4 billion so far in 2024, according to an X post from Bloomberg intelligence analyst Eric Balchunas on Feb. 14.

Only three had seen minor inflows in 2024: VanEck Merk Gold Shares, FT Vest Gold Strategy Target Income ETF and Proshares UltraShort Gold. The most significant outflows came from BlackRock’s iShares Gold Trust Micro and iShares Gold Trust, with $230.4 million and $423.6 million exiting, respectively.

“Not only is Bitcoin sucking up funds, but gold is hemorrhaging AUM at an alarming rate across many ETFs,” commented portfolio manager Bitcoin Munger.

Balchunas, however, commented that he didn’t think gold ETF investors were necessarily mass migrating to Bitcoin ETFs, “but rather just US equity FOMO.”

The divergence has been exacerbated by falling gold prices in 2024. The commodity has lost 3.4% since the beginning of the year, falling to a two-month low of $1,993 per ounce on Feb. 14.

Meanwhile, Bitcoin prices have increased 23.5% over the same period, with the asset hitting a two-year high of $52,483 on Feb. 14.

In a report earlier in February, the World Gold Council said that global gold ETF outflows and a “reduction in speculative positioning” were major contributors to gold’s lackluster performance, adding:

In January, Bloomberg senior commodity strategist Mike McGlone predicted that gold would outperform Bitcoin in 2024, but he appears to be a little off the mark at the moment.

Bitcoin and gold have often been compared for their shared store of value properties and their choice as go-to investments during times of economic and geopolitical turmoil.

Courtesy: www.cointelegraph.com

Are ads getting in your way? Register for Ad-free pages and live data.

How to Recycle

Proper Disposal of Alkaline Batteries

Proper Disposal of Alkaline Batteries

Improper disposal of alkaline batteries can result in various negative consequences. Explore our blog post to discover safe disposal methods.
Christmas Tree Recycling - Responsible Ways

Christmas Tree Recycling - Responsible Ways

Proper preparation and using a reliable Christmas tree recycling directory ensures responsible disposal and maximizes the benefits.
Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop throwing away LED light bulbs and dispose of them responsibly. Proper disposal ensures environmental safety and sustainability.
powered by RecyclingMonster
Are ads getting in your way? Register for Ad-free pages and live data.
×

Quick Search

Advanced Search