CO:Silver ETP holdings tumble in may but U.S. coin sales strong
Global silver exchange-traded products saw the largest monthly outflow since these products were launched half a decade ago, although demand for coins remains strong, Barclays says.
There was weakness in ETP flows throughout the precious-metals complex last month, but the biggest outflow was in silver at 1,401 metric tons.
“Although both silver’s speculative interests and ETP holdings have suffered losses in May, prices have found some support from retail investment demand, which remains relatively high,” Barclays says.
May U.S. Eagle silver coin sales by the U.S. Mint came in at 113.6 tonnes, the third highest monthly number since 1992, and the highest monthly sales were in January of this year, the bank points out.
