#Blockchain-based #Gold tracking coming to the #LBMA

#Blockchain-based #Gold tracking coming to the #LBMA

London Bullion Market Association (LBMA) to create a set of standards for blockchain-based gold tracking, as well as an oversight committee to approve and monitor technology providers

London is the largest hub in the world for OTC gold trades and clearing. Wholesale gold trades across London's five precious metal clearing banks, overseen by the LBMA, reached a value of $6.7 trillion in 2017.

https://bitcoinist.com/blockchain-could-track-the-globes-gold-bullion-by-2019/

Blockchain Could Track the Globe's Gold Bullion by 2019

---

---

Ethical sourcing is becoming critical in such a high-value sector as precious metals. It will become even more important as reserves of metals such as gold diminish and scarcity develops.

Global #gold-backed #ETF holdings added 15 tonnes(t) to 2,484t in May, up 116t in 2018 led by Europe & Asia

From World @GoldCouncil:

Global gold-backed ETF holdings added 15 tonnes(t) to 2,484t in May. Europe and Asia drove inflows as European funds have responded strongly in the past two months. North American fund flows reversed their early 2018 trend as they lost 2.3% of assets, likely a result of the volatile prices in the gold market which left gold lower by 60bps (in dollar terms) on the month. 

Volatility and weakness in the gold market were largely driven by a stronger dollar (DXY +2.3% on the month). However, USD-hedged gold was higher by 1.4% on the month. This highlights our view that having some allocation to USD-hedged gold helps risk-adjusted returns by lowering price volatility in periods when currency prices fluctuate.

North American funds lost 30t (US$1.2bn, 2.3% of AUM)
European funds saw solid net inflows in May, growing by 26t (US$1.2bn, 2.8%)
Total fund holdings in Asia rose by 21t (US$862mn) growing assets by 20%
Funds in other regions lost 2t or 6% of assets

Global gold-back ETF holdings up 116t in 2018

European inflows have caught North American inflows on the year, while Asian funds have grown 20%, led by Bosera Gold ETF which has grown 114%

See all the data online here: https://www.gold.org/data/gold-etf-holdings