Not exact matches
The futures are designed to reflect the price of bitcoin without an investor having to
physically hold the virtual currency, not unlike how oil,
gold, copper or cocoa prices are determined by futures contracts.
In general, this means that although
gold or silver ETF shares may trade on exchanges elsewhere, as long as the metal is
held physically in London, these would be considered loco London and form part of the LBMA's monthly statistics.
A decline in the
holdings of
physically backed
gold ETFs would be a stronger indication of an abatement of the bull market in
gold were it not for the fact that these
holdings have been on the decline since last summer.
Many people are suspicious of the ETF and mutual fund market, so they prefer to own
gold they can
physically hold in their hand.