The exchange-traded product (ETP) provider says seven of the top ten largest inflows on its commodity platform last week were into precious metals ETCs, with gold experiencing the highest inflows. ETFS says defensive positioning is on the rise, fuelled by news that the Japanese economy is barely growing, the US Fed's claim that US growth remains at risk, as well as Greek and Irish issues pushing sovereign risk concerns to the fore again. The firm's short copper ETP also experienced its largest inflows in six weeks, seeing over $15m. Investors have been profit-taking from agriculture ETCs, as concerns about grain supply has abated, based on reports that US supplies could fill any gaps in production within the Black Sea region. ETF Securities says natural gas ETPs have also seen strong inflows, with $64m going into natural gas products last week. ETFS Leveraged Natural Gas saw the largest inflows after gold, at $48m. Conversely, oil price declines have prompted the fourth week of consecutive weekly outflows from long oil ETPs.

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