news.goldseek.com / By Frank Holmes / Monday, 13 February 2017
The best performing precious metal for the week was palladium with a 4.51 percent gain. Metal Focus Ltd. reports that palladium supply has been in deficit since 2012 with 2016 marking the widest deficit in six years. Palladium performed well last year with the boast in auto production in China.
Gold traders keep their bullish calls on gold for a seventh week as bullion is trading near three-month high levels due to uncertainty around President Donald Trump and the upcoming French elections. French presidential candidate Marine Le Pen announced her party’s plan to take control of the central bank. She plans to use the central bank to print money to finance French welfare programs and debt repayments after abandoning the euro. Bloomberg reports that since Trump said the dollar is too strong, hedge fund and other money managers have cut their bets on the dollar.
Money flows into the largest physical gold bullion ETF accelerated this week to $856 million, almost double the previous week’s inflows. The largest gold physical gold bullion ETF has also been approved for use in the Islamic Shariah financial system, along with five other gold-related investment vehicles.