Investors Fly towards Safety & Metals
4/3 17:57
While Ukrainian refugees have been fleeing to neighboring countries such as Romania and Poland, investors have rushed to the traditional safe haven of gold, and the new safe haven of Bitcoin. Gold ETFs have risen by an average of 2.3% over the week and attracted $2.3 Billion of inflows – nearly a third of the total flows YTD ($7.2 Billion). Bitcoin, which advocates tout as having similar store-of-value, diversification and black-swan hedging characteristics of gold has also risen significantly over the week, jumping nearly 10% to a price of $41,000 per coin. Security and crypto-industry analysts believe that Russian Oligarchs are massively increasing their crypto exposures as a means to avoid sanctions.
- SPDR Gold Shares (GLD), +2.3%, $1.4 Billion of inflows
- iShares Gold Trust (IAU), +2.4%, $333 Million of inflows
- ProShares Bitcoin Strategy ETF (BITO), +12.3%, $34 million of inflows