Gold

Global gold ETFs gained +0.58% to 56.28M oz in the week ended March 5. 6 out of 10 funds under our coverage showed inflows over the reporting period. For the rest of the funds, 2 showed decline and 2 were unchanged. Year-to-date however, modest outflow of around -1% is seen. During the same period last year, there was huge inflow to corresponding ETFs with each of SPDR Gold Trust and ZKB Gold ETF, the biggest and second biggest ETFs, recording over +30% increases in gold holdings during the period.

Silver

Silver ETF increased physical holdings by +1.04% in total last week. The biggest rise came from Julius Baer silver ETF which recorded a +17.1% gain to 3.2M oz. ZKB ETF, the second largest silver ETF, also recorded +9.7% of holdings to 69.6M oz.

Platinum

Platinum holdings, however, were flat (or dropped -0.09%) during week. The decline came from the US ETF Securities Physical Platinum Shares. While holdings rose in all other ETFs, they failed to offset the decline in the US-listed ETF, currently the second largest in our universe. On year-to-date basis, platinum holdings have soared +37.2%, outpacing that in silver and gold ETFs, as investors have turned bullish on PGM fundamentals.

Palladium

Holdings in palladium soared +2.1% in global ETFs last week. The strongest increase came from the US ETF Securities Physical Palladium Shares. On year-to-date basis, palladium holdings have gained +32.3% Recovery in US auto market and strong Chinese market spurred investment demand as gasoline vehicles, which rely heavily on palladium as auto-catalyst, are dominant in these 2 markets.