Our Gold ETF Commentary series provides monthly insights into physically backed gold ETF flows, tracking changes in holdings (tonnes) and fund flows (USD). Each report offers regional flow analysis, market context, and relevant indicators such as gold trading volumes and positioning data to help explain shifts in investor behaviour. With timely data and expert analysis, the series is a key resource for monitoring investment demand for gold.
Gold ETF inflows catch up to gold price strength
Global gold ETFs added 61.3t tonnes (t) (US$3.4bn, 1.7% AUM) in May, reversing three straight months of net outflows. We believe this to be largely a function of investment demand increasing with the price strength of gold, along with renewed inflation concerns in the market, a weaker dollar and lower real yields. Global assets under management (AUM) stand at 3,628t (US$222bn). AUM is now only 9% shy of the August 2020 high of US$240bn and 7% shy of the October 2020 tonnage high of 3,908t.
Gold ETF outflows continue, but slow with gold price strength
Global gold ETFs lost 18.3t tonnes (t) (-US$1.1bn, -0.5% AUM) in April, marking outflows for five of the past six months. However, global outflows slowed significantly, as European funds added assets for the first time since January. Global assets under management (AUM) stand at 3,567t (US$203.0bn), after slipping below $200bn for the first time in over a year during March. Since the peak asset levels in November 2020, gold ETF AUM has fallen nearly 14%, with 8% coming from outflows and 6% coming from the gold price selloff in US dollar terms.
North American gold ETF funds drove 86% of Q1 net outflows
Global gold ETFs lost 107.5t tonnes (t) (-US$5.9bn, -2.9% AUM) in March, marking outflows for the fourth month out of five and the second month in a row with net outflows cracking the top 10 worst historically. Global assets under management (AUM) stand at 3,574t (US$194.5bn), back to levels last seen in mid to late Q2 2020. Since the peak asset levels in November 2020, gold ETF holdings have fallen nearly 10% in tonnage terms, on par with the approximate loss in the price of gold over the same period.
Gold ETFs lost 2% of holdings in February as gold fell and rates rose
Global gold ETFs lost 84.7 tonnes (t) (-US$4.6bn, -2.0% AUM) in February, marking outflows for the third time in four months, and the seventh worst historical monthly holdings loss. Global assets under management (AUM) now stand at 3,681t (US$207bn), levels last seen in June 2020, when the price of gold was near the February closing level of US$1,743/oz.
Gold ETF inflows total almost 14t in January as outlook remains supportive for gold investment
Global gold ETFs saw inflows of 13.8 tonnes (t) (US$1bn, 0.4%) in January, after two consecutive months of outflows in November and December, which had totalled 148.8t. Global assets under management (AUM) now stands at 3,765t (US$226bn), just 4% shy of the intra-month record 3,915.8t (US$244bn) set in early November.
Record gold-backed ETF inflows of 877t in 2020 took holdings to all-time highs
By any measure, gold-backed ETFs and similar products (gold ETFs) had a remarkable year in 2020. Globally, gold ETFs had record annual net inflows of US$47.9bn, or 877 tonnes(t), collectively increasing their gold holdings by over a third, reaching all-time highs in tonnage (3,752t).
Gold ETF outflows for the first time in a year
In November, gold-backed ETFs and similar products (gold ETFs) recorded their first net outflows in twelve months and second largest monthly outflows ever.
Gold ETF inflows continued, but at a significantly lower pace
Gold-backed ETFs and similar products (gold ETFs) recorded their 11th consecutive month of net inflows during October, matching the record number of positive monthly flows set in April 2006.
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