Monthly XLSXDaily CSVReport PDF

Published 31st August 2017

Fund flows

As of 31st August 2017
Source: Bloomberg; Company Filings; ICE Benchmark Administration; World Gold Council

As of 31st August 2017
Source: Bloomberg; Company Filings; World Gold Council

Regional fund flows

North American ETFs drove global inflows in August

North America led inflows in August, as investors added 27.8 tonnes (+$1.3bn, +2.6% AUM) of gold through funds listed in the region. Flows in Europe were mixed with a net increase of 6.4t (+$322mn, +0.78% AUM) over the month. Asia funds lost 2.4t (-$80mn, -3.0% AUM), with most of the gold-backed funds losing assets while derivatives demand increased through gold futures markets in the region. ETFs in other regions experienced minimal inflows.

The combined liquidity of gold ETFs rose month-over- month to $1.23bn/day, near its annual average of $1.22bn/day.

Top 10 flows

As of 31st August 2017
Source: Bloomberg; Company Filings; World Gold Council

Bottom 10 flows

As of 28th May 2017
Source: Bloomberg; Company Filings; World gold Council

Individual fund flows

SPDR® Gold Shares, iShares Gold Trust and Source Physical Gold led flows in August.

In North America, SPDR® Gold Shares led inflows with +22.4t (+$1.03bn, +3.2% AUM), followed by iShares Gold Trust with +4.6t (+$266mn, +3.1% AUM). Other North American funds experienced minimal flows.

European inflows were driven by Source Physical Gold +5.6t (+$245mn, +5.5% AUM) and ETFs Physical Gold +2.1t (+$109mn, +1.9% AUM). Currency hedged funds had some of the stronger inflows and outflows as investors positioned for European currency-based versus US dollar movements in gold. Funds with exposure to the euro and Swiss franc experienced inflows, while two British pound-hedged funds experienced the largest outflows in the region, and across the gold-backed ETF universe worldwide. Notably, db Physical Gold GBP Hedged ETC lost 0.7t (-$26mn, -69% AUM).

Asian outflows were led by Chinese funds. Huaan Yifu Gold ETF lost 0.9t (-$29mn, -3.7% AUM), while E Fund Gold Tradable Open-end Securities Investment Fund lost 12% of Assets, Bosera Gold Exchange Trade Open-End Fund ETF lost 8% of its assets, and Guotai Gold ETF lost 36% of its assets or 0.50t.

Year-to-date trends

European gold-backed funds account for 79% of the global growth in 2017.

Global gold-backed ETFs collectively hold 2,295t. Gold-backed ETFs have added 143.5t, equivalent to $5.3bn so far this year. This represents an increase of 5.5% of global AUM.

Despite recent resurgence in North American demand, European funds continue to lead inflows (+131t, +$4.8bn, +12% AUM) accounting for nearly 79% of all inflows worldwide on the year. North America inflows are +22t (+$860mn, +2% AUM) on the year, while Asia outflows are 10t ($426mn, -16% AUM) on the year. Inflows for ETFs listed in other regions are +1.1t (+$62.9mn) on the year.

German-based ETFs Xetra-Gold and db Physical Euro Hedged ETC account for 73t or 56% of the gross global inflows. Xetra-Gold itself has grown 48%, accumulating 54t ($2.1bn).

Assets Under Management

As of 31st August 2017
Source: Bloomberg; Company Filings; ICE Benchmark Administration; World Gold Council

Notes, definitions and methodology

Notes

Gold ETFs account for a significant part of the gold market, with institutional and individual investors using them to implement many of their investment strategies. The data on this page tracks physical gold held by ETFs and similar products. Most funds included in this list are fully backed by physical gold. While a few funds allow other holdings such as cash or derivatives, we only monitor those investing at least 90% through physical gold and appropriately adjust their reported assets to estimate physical holdings only. Similarly, the data only estimates the corresponding gold holdings of ETFs that include other precious metals. A complete list of the gold-backed ETFs we track is included in the Monthly XLSX and Daily CSV files above.

Definitions

Flows represent actual creations or redemptions of shares in an open-ended ETF, or changes to the physical gold holdings that back shares of an ETF or similar product at any given time. When measured in tonnes, ETF flows are equivalent to the demand metrics reported in Gold Demand Trends on a quarterly basis. ETF flows in US dollars represent the monetary value of gold demand for a given period and consider daily fluctuations in the price of gold.

Holdings correspond to the total assets under management (AUM) of gold-backed ETFs measured in either tonnes or US dollars. To calculate gold holdings in tonnes, other than through direct reporting, we divide the US dollar value of their AUM by the LBMA Gold Price per tonne – where one tonne is equivalent to 32,151 Troy ounces.

Methodology

Download (pdf)

The file above describes in detail the methodology used to compute gold-backed ETF holdings and flows.

Disclaimer

This information is provided solely for general information and educational purposes. It is not, and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, gold, any gold related products or any other products, securities or investments. It does not, and should not be construed as acting to, sponsor, advocate, endorse or promote gold, any gold related products or any other products, securities or investments.

This information does not purport to make any recommendations or provide any investment or other advice with respect to the purchase, sale or other disposition of gold, any gold related products or any other products, securities or investments, including without limitation, any advice to the effect that any gold related transaction is appropriate for any investment objective or financial situation of a prospective investor. A decision to invest in gold, any gold related products or any other products, securities or investments should not be made in reliance on any of this information. Before making any investment decision, prospective investors should seek advice from their financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.

While the accuracy of any information communicated herewith has been checked, neither the World Gold Council nor any of its affiliates can guarantee such accuracy. In no event will the World Gold Council or any of its affiliates be liable for any decision made or action taken in reliance on such information or for any consequential, special, punitive, incidental, indirect or similar damages arising from, related to or connected with such information, even if notified of the possibility of such damages.