While investors are once again pulling money out of the largest gold ETF, the „Wall Street Silver“ community seems to be continuing to buy also ETF silver heavily.
At 10 a.m. today, Thursday morning, a troy ounce of gold cost $1,792 per ounce on the spot market. This corresponded to 1,515 euros (+0.13%). While the gold price recently again showed weakness, further money migrated out of the largest gold ETF.
SPDR Gold Shares
Holdings in SPDR Gold Shares (GLD) fell below 1,000 tons this week for the first time since April 2020. The operator puts inventory at 998.52 tons as of September 8, 2021. This represents a decrease of 1.74 tons, or 0.17 percent, from the previous week. During this period, a net additional $101 million has been withdrawn from the fund. And since the beginning of January, there are now net capital outflows of $9.59 billion. Officially, each GLD unit certificate is physically backed by 1/10 ounce of gold.
Largest silver fund
We see the same trend in largest silver ETF. That’s because iShares Silver Trust (SLV) holdings fell 93.75 tons, or 0.55 percent, from the previous week to 17,040.54 tons. According to the securities prospectus, 1 ounce of silver is stored for every SLV share issued.
Sprott Fund and „Wall Street Silver“
In contrast, the alternative silver ETF Sprott Physical Silver Trust (PSLV), which is also promoted by the online „Wall Street Silver“ investment community, is gaining further traction.
This community on the reddit message board has now grown another 75 percent since last May to 128,000 members. And PSLV silver stocks have now risen three weeks in a row by a total of 31 tons to 4,725.44 tons (151.92 million ounces).
As before, members of „Wall Street Silver“ present their purchased silver bars and silver coins online on a daily basis. The Internet community believes that silver is notoriously undervalued. And they have set themselves the goal of buying up as much silver as possible. In this context, the hashtag #silversqueeze trended on Twitter a few months ago. The term is aimed at pushing silver short-sellers out of their positions with a sharply rising silver price, thus pushing the silver price further up.
Translated with www.DeepL.com/Translator