Monthly XLSXReport PDFDaily XLSX

Published 5th April 2018

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Monthly flows

As of 28 February 2018
Source: Bloomberg; Company Filings; ICE Benchmark Administration; World Gold Council

As of 29 March 2018
Source: Bloomberg; Company Filings; World Gold Council

Regional flows

North American funds dominated global inflows

Global gold-backed ETFs collectively added 22.5 tonnes (t) of gold during March, increasing their holdings to 2,415t (US$102.8bn). While the price of gold finished the month relatively flat (+46bp), a significant portion of inflows was the result of periods of sharp price rallies on strong volume, especially in the second half of March.

Gold’s price performance and volatility were driven by global trade tensions, a weaker US dollar, and weak stock market performance. As stock markets tumbled, investors moved into bonds and gold. Gold is one of the best performing asset classes this year, having rallied 2.5%.

  • Global inflows were dominated by North American-listed funds which added 21.5t (US$917mn, 1.7% AUM) to their holdings during March
  • Asian funds added assets for the 3rd consecutive month (3.1t, US$141mn, 3.5% AUM)
  • Funds listed in Europe and other regions had muted net flows

Top 10 flows

As of 29 March 2018
*Changes in tonnes for some of the funds are not directly measured but estimated. This may result in a change in the direction between tonnes and flows when these are small due to variations in FX between the timing of the fund's NAV and gold price benchmark.
Source: Bloomberg; Company Filings; World Gold Council

Bottom 10 flows

As of 29 March 2018
*Changes in tonnes for some of the funds are not directly measured but estimated. This may result in a change in the direction between tonnes and flows when these are small due to variations in FX between the timing of the fund's NAV and gold price benchmark.
Source: Bloomberg; Company Filings; World gold Council

Individual flows

iShares Gold Trust has grown 12% on the year adding 27.9t of assets

  • SPDR® Gold Shares and iShares Gold Trust were the primary drivers of North American and global inflows accumulating 15.1t (US$642mn, 1.8% AUM), and 5.4t (US$230mn, 2% AUM), respectively, during March
  • Bosera Gold, in China, continues to dominate Asian flows, adding 1.9t (US$81mn, 17% AUM) on the month
  • Gold Bullion Securities, in London, continues to lead European and global outflows losing 1.5t (US$61mn, 1.7% AUM) during March

Year-to-date trends

Global gold-backed funds added 47.3t of gold over the first quarter

  • North American funds have accounted for 85% of total net inflows on the year, driven by iShares Gold Trust (27.9t, US$1.2bn, 12% AUM), and SPDR® Gold Shares (8.6t, US$396mn, 1.1% AUM).
  • Asian funds have grown assets by 13.4% through the first quarter, driven almost entirely by Bosera Gold. The fund has grown 40% on the year adding 11t (US$470mn)
  • Europe has lost its 2017 asset-gaining momentum having slight outflows of 1.2t (US$171mn), highlighted by Gold Bullion Securities which has lost 10.6t (US$467mn, 12% AUM) on the year

Fund flows

As of 29 March 2018
Source: Bloomberg; Company Filings; ICE Benchmark Administration; World Gold Council

Assets Under Management

As of 29 March 2018
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.