The Global Experts on Gold

Gold is already entering the digital age. Yet despite growing investor interest and rapid innovation across financial markets, digital gold remains a relatively small part of the wider gold market. Our report explores the potential for that to change. Drawing on a survey of more than 12,000 retail investors, interviews with industry experts and detailed market modelling, the report examines the digital gold market today, the barriers holding back adoption and the potential scale of future demand.

Global gold backed ETFs attracted US$10bn in September, capping a record quarter in which investors added ~US$31bn. All regions recorded inflows during the month, led by North America and Europe. Despite a lower gold price, which contributed to a 7% m/m decline in total assets under management to US$574bn, strong demand lifted global holdings by 67t to a record 4,256t.

A surge in US Treasury yields and the US dollar alongside a drop in futures positions helped drive prices lower in September, despite impressive gold ETF inflows. UK gold ETFs delivered a stellar Q3. Fiscal concerns may be helping, but this looks less like the short-lived 2022 surge and more like a sustained shift in demand.

Data on sectors of gold demand, supply, productions costs and futures market positioning

Benchmark gold prices, gold futures curves and local price premium/discount

Returns, volatility, correlations and trading volumes for gold, bonds, equities and other major asset classes

Data on central bank gold holdings, sales and purchases, as well as insights from annual surveys into central bank attitudes towards gold.