Bloomberg News

Gold Holdings in ETPs Overtake Italy, France Reserves, RBS Says

March 02, 2012

Gold holdings in exchange-traded products backed by the metal have topped reserves held by Italy and France, according to the Royal Bank of Scotland Group Plc.

Assets rose 32 metric tons to a record 2,469 metric tons last month, Nick Moore the head of commodity research at RBS in London, said in a report dated today. The U.S. has the biggest reserves, followed by Germany and the International Monetary Fund. As of Sept. 30, Italy’s holdings were 2,451.84 tons, and France had 2,435.41 tons, World Gold Council data showed.

The RBS total for ETPs includes holdings in UBS Index Solutions ETF and the Royal Canadian Mint’s gold-backed securities. Assets excluding those funds were a record 2,404.17 tons as of yesterday, still trailing Italy and France, according to data compiled by Bloomberg.

Gold investments rose as surging energy costs spurred concern that inflation will accelerate. Futures in New York have advanced 9.1 percent in 2012. Last year, the price climbed 10 percent, the 11th straight annual gain, on demand for a haven amid escalating U.S. and European debt.

On the Comex, gold futures for April delivery fell 0.7 percent to close at $1,709.80 an ounce. The metal jumped to a record $1,923.70 on Sept. 6.

To contact the reporters on this story: Debarati Roy in New York at droy5@bloomberg.net

To contact the editors responsible for this story: Steve Stroth at sstroth@bloomberg.net


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