Monthly XLSXReport PDFDaily XLSX

Published 13th November 2017

Fund flows

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

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

Regional fund flows

Global Flows were slightly positive with North America’s outflows mostly offsetting Europe’s inflows

Global gold-backed ETF flows were mostly flat in October as funds added 3.3 tonnes(t) (+$221mn, 23bps AUM) to global holdings. Outflows in North America mostly offset inflows in Europe.

Europe led inflows in October, as investors added 11.2t (+$523mn, 1.3% AUM) of gold through funds listed in the region. There were outflows in North America of -8.0t (-$305mn, -0.59% AUM), reversing some of its September gains. Asia funds gained 0.8t (+$33.8mn, 1.04% AUM). ETFs in other regions lost -0.7t (-$30.7mn, -1.71% AUM).

The combined liquidity of gold ETFs increased modestly month-over-month to $1.37bn a day, an increase of six percent versus the year-to-date average liquidity of $1.29bn/day.

Top 10 flows

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

Bottom 10 flows

As of 31 October 2017
Source: Bloomberg; Company Filings; World gold Council

Individual fund flows

ETFS euro and British pound daily-hedged gold-backed ETFs grew by 50% and 23% respectively

In Europe, iShares Physical Gold ETC added 4.1t (+$170.3mn, 5.8% AUM). ETFS Physical Gold added 4.1t (+$168.1mn, 2.9% AUM). ETFS EUR Hedged Physical Gold added 1.9t, increasing their AUM by over 50%, and ETFS GBP Daily Hedged Physical Gold added 0.7 tonnes, increasing their AUM by 23%, both on the back of a stronger USD. In North America, iShares Gold Trust added 5.8t (+$240mn, 2.55% AUM), while SPDR® Long Dollar Gold Trust increased holdings by 8%. SPDR® Gold Shares led outflows globally and in North America with -13.9t (-$561mn, 1.6% AUM) coming out of the fund.

Year-to-date trends

German gold-backed ETFs account for 37% of total global inflows year-to-date

Global gold-backed ETFs collectively held 2,347.6t at the end of October. Funds added 182.2t of gold year-to-date, equivalent to $7.8bn, which represents an increase of 8% of global AUM from December 2016.

European funds continue to lead inflows accounting for nearly 70% of all inflows at 127.4t (+$5.1bn; +12.8% AUM) in 2017. North America inflows are 67.4t (+$3.1bn, +5.9% AUM) on the year, while Asia saw outflows of 13.5t (-$454mn, -14% AUM) during the year. Other region inflows are 0.8t (+$39.5mn; +2.2% AUM) on the year.

German-based ETFs Xetra-Gold and db Physical Euro Hedged ETC account for 32% of net inflows year-to-date with Xetra-Gold alone accumulating 55.1t (+$2.3bn) year-to-date – a 49% increase over the period. The US-listed funds accumulated a combined 66.6t, or 37% of gross global inflows.

Assets Under Management

As of 31 October 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.