Recent economic data has given more evidence on slowdown economic recovery, especially in the US and China. The Fed's downgrade of economic outlook and decision to reinvest the MBS proceeds indicated the issue may be more serious than feared. Investors turned more cautious and risk aversion drove investors back to safe-haven assets.

Gold: Gold ETFs recorded net increase in holdings for a second week. Out of the 10 ETFs under our coverage, 4 rose while 2 dropped. SPRD Gold Trust, the biggest gold ETF, increased +127.09K oz, or +0.31%, to 41.37M oz. iShares Comex Gold Trust added +48.92K oz, or +1.67%, to 2.97M oz, Gold Bullion Securities added +29.29K oz, or +0.74% to 3.98M oz and ETFS (Australia) climbed +8.83K oz, +1.91%, to 471.30K oz. These gains were partly offset by declines in ZKB's fund and New Gold Trust. On net, holdings soared +180.02K oz, or +0.28%, to 67.79M oz.

width=573

width=598

width=588

width=559

width=598

width=577

width=598

Palladium: ETFS (London) gained +14.94K oz, or +3.16%, to 488.12K oz but decline in ETFS (Australia), by -2.61K oz, partly offset the increase. On net, total holdings climbed +12.33K oz, or +0.71%, to 1.75M oz.

width=567

width=598