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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

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Gold and climate change: Decarbonising investment portfolios

Climate change is both a physical reality and a rapidly growing systemic and existential risk that all aspects of society are currently learning to address. It is now widely understood that greenhouse gas (GHG) emissions must therefore decrease very rapidly – ultimately, to ‘Net Zero’ – if we are to avoid potentially catastrophic consequences. The process of decarbonising the economy is such an urgent priority that it is currently reshaping nearly all policy, business, and investment decisions.

Sectors: Supply, Demand, Investment

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Gold ETFs reverse course in August driven by North American outflows

Gold-backed ETFs (gold ETFs) experienced net outflows in August of 22.4 tonnes (t) (-US$1.3bn, -0.6% AUM), as North American outflows outweighed inflows into European and Asian funds. Gold faced headwinds early in August as the dollar briefly strengthened and rising Treasury yields weighed on investment flows, triggering momentum selling shortly thereafter. Gold prices recovered late in the month, but it did not spur sufficient offsetting inflows, as global holdings fell to 3,611t (US$211bn) – the lowest tonnage level since May.

Sectors: Demand, Investment

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Gold ETFs continue growth with slight inflows in July

Flows into global gold ETFs were marginally positive in July, with inflows of 11.1 tonnes (t) (US$669mn, +0.3% AUM). Inflows into European and Asian funds were mostly offset by outflows from large North American funds. Overall, the positive flows came alongside a recovery in gold prices, particularly in the latter half of the month amid concerns of uncertain global growth outlook and a reaffirmed commitment by central banks to continue easy money policies despite elevated inflation. Global Assets Under Management (AUM) stand at 3,636t (US$214bn), approximately 7% below the October 2020 record tonnage high of 3,909t.

Sectors: Demand, Investment

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Gold ETF flows slow in June but finish positive in Q2

Flows into global gold ETFs were mostly flat in June, with slight inflows of 2.9 tonnes (t) (US$191mn, +0.1% AUM). Inflows into North American and Asian funds were primarily offset by outflows from European funds. Overall, the positive flows came in spite of significant gold price weakness in the latter half of the month on the heels of a relatively hawkish Federal Reserve (Fed) outlook, suggesting that investors may have taken advantage of the lower price level to gain long gold exposure. Global Assets Under Management (AUM) stands at 3,624t (US$206bn), approximately 7% shy of the October 2020 record tonnage high of 3,909t.

Sectors: Demand, Investment

Published:

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.

Sectors: Demand, Investment