by Steve St. Angelo, SRSRocco Report:
The spike in the gold price during the holiday weekend triggered a record ONE-DAY surge in mainstream investor gold demand. Investors in the West watched over the fourth of July holiday weekend as the gold price continued higher on early morning trading on Monday. By the time gold opened on Tuesday, the price was already $15 higher.
Mainstream investors who thought the gold price may come under pressure at Tuesday’s market open, were caught by surprise as the yellow metal continued to rally even higher. This caused a massive one-day surge in mainstream investor Gold ETF’s and Fund demand. How much gold flooded into Gold ETF’s and Funds on July 5th? Take a look at the chart below:
Mainstream investors piled into gold on Tuesday, July 5th, thus pushing the ONE-DAY flow into Gold ETF’s & Funds to a record 1.4 million oz (Moz). Let me tell you… this is one hell of a lot of gold. Even if we go back and look at a six month chart from Sharelynx.com, the amount of gold that flowed into Gold ETF’s & Funds surpassed the previous record in February when investors were fleeing stocks and moving into gold as the Dow Jones and broader markets were getting crushed. The Dow Jones fell 2,000 points in a matter of weeks:
The one-day previous record set back in February was approximately 1.25 Moz. However, the 1.4 Moz of gold that flowed into Gold ETF’s & Funds on July 5th was the result of the surging gold price, not the falling stock markets. What happens when the markets crack as the gold price spikes higher?? We could see double or triple that amount in just one day.
To give you an idea of just how much gold supposedly moved into Global Gold ETF’s & Funds on Tuesday, July 5th, take a look at this chart:
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