A few comments to note from the performance tables …
ETC Flow and Return Highlights
* Gold continues to attract strong safe haven flows, with gold prices breaking through $1000/oz last week on strong investor demand for physically backed gold. Physically-backed gold ETC inflows rose $31 million last week, equivalent to 44,937 ounces. ETF Securities has seen a 33% increase in gold holdings over the past 3 months to all time highs, bringing gold assets to $7.0 billion (7.03mn ounces), the largest gold ETC/ETF holdings in Europe, and the second largest in the world.
* Oil ETCs have also grown rapidly, with ETFS Crude Oil (CRUD) showing the strongest weekly inflows of any ETC last week at $54.8 million. Total Energy ETCs inflows are up $508 million since the start of 2009, just behind precious metals at $598 million. ETFS Leveraged Crude Oil (LOIL) was in the top 5 ETC inflows last week, up $15.2 million. LOIL is also in the top 5 ETC inflows over the past 12 months, accounting for half of all leveraged ETC inflows since its inception in early 2008.
* ETFS Agriculture (AIGA) has been another standout performer, with the 4th largest ETC inflows at $22.5 million last week. Weekly inflows into all agriculture-related ETCs have averaged $26 million over the past 5 weeks, making agriculture the third highest ETC sector by inflows over this period behind energy and precious metals. Both grains and softs prices are up over 10% since the start of December, reflecting factors such as dry growing conditions in South America and reduced plantings at the end of 2008.
* Other precious metals have received renewed interest, with ETFS Physical Platinum (PHPT) inflows reaching $14.4 million last week, equivalent to 14,423 ounces. ETFS Physical Palladium (PHPD) has also increased $13 million over the past two weeks, bringing combined PHPT and PHPD inflows to $44 million over the past fortnight. PHPT and PHPD weekly prices are up 38% and 32% respectively since the start of December compared to gold’s 32% rise over the same period.
* ETFS Physical Silver (PHAG) has seen the strongest ETC returns so far in 2009, up 32% YTD. PHAG also saw the strongest ETC returns last week, with a 7% rise capping 5 consecutive weeks of gains. PHAG has outperformed PHAU by 16%, and other physical precious metals by between 10-16%, since December 2008. Despite this outperformance, the Gold:Silver price ratio remains above its 20 year average.
Source:ETFWorld.co.uk – ETFSecurities ltd
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