Monday November 23, 2020

Gold wipes out $560bn from central banks as equities rally

Investors are dumping gold funds at the fastest pace in two years in favour of equities, compounding a slump that has wiped $560 billion from the value of central bank reserves.

17th April, 2013
Central banks are among the biggest losers because they own 31,694.8 metric tons, or 19 per cent of all the gold mined.

Investors are dumping gold funds at the fastest pace in two years in favour of equities, compounding a slump that has wiped $560 billion from the value of central bank reserves.

Exchange-traded products linked to gold dropped $37.2 billion in 2013 as the metal reached a two-year low yesterday. Gold funds suffered net outflows of $11.2 billion this year through April 10, the most since 2011, while global and US equity funds had net inflows of...

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