Energy Tops Precious Metals Invesments After Gold Rout
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The value of assets held by energy investors at year-end topped precious metals for the first time since 2009 as gold’s worst performance in three decades spurred a flight from exchange-traded products backed by bullion.
Precious metal assets under management totaled $105 billion in December, less than the $108 billion of energy assets that made up the largest share of the total $319 billion invested in commodities for the month, Barclays Plc said in a report today. Investors withdrew $40.7 billion in precious metal assets from ETPs, index funds and other products in 2013, compared with outflows of $1.5 billion in the energy sector.