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Published:

Outflows from gold ETFs accelerate in October led by North America and Europe

Gold-backed ETFs (gold ETFs) experienced net outflows of 25.5 tonnes (t) (-US$1.4bn, -0.7% AUM) in October. Outflows of near equal magnitude from Europe and North America were marginally offset by inflows in Asia. Global gold ETF holdings fell to 3,567t (US$203bn) during the month – notching year-to-date low levels – as investor appetite for gold diminished in the ETF space following price declines in August and September. However, this was countered by both a pickup in COMEX managed money net long positions in gold futures and evidence of continued strength in vaulted physical gold, suggesting some investors may be shifting gold ETF positions into physical exposure while prices recover.

Sectors: Demand, Investment

Published:

Gold Market Commentary

Gold struggled in September amid general weakness in financial assets

Gold fell in September by 4% to around US$1,743/oz. This was the second consecutive month of declines, with gold now over 8% lower y-t-d. Gold wasn’t alone. Treasuries, Corporates, US- and non-US equities all fell in September possibly as a result of deleveraging. The Q2 level of margin debt for equities was at a record high. It would be understandable if some leverage has been removed as we head into the historically volatile month of October. And it’s quite possible that this de-leveraging has affected most assets (energy and industrial metals excepted).

Sectors: Investment

Published:

Gold ETFs continue to slide in September driving net outflows in Q3

Gold-backed ETFs (gold ETFs) experienced net outflows of 15.2 tonnes (t) (-US$830mn, -0.4% AUM) in September. Outflows in Europe and North America were only partially offset by inflows in Asia. Global gold ETF holdings fell to 3,592t (US$201bn) during the month – the lowest tonnage level since April – as the gold price fell on the back of rising yields, a stronger dollar, and a reduction in COMEX managed money net long positions.

Sectors: Demand, Investment