Research library

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Published:

A Central Banker’s Guide to Gold as a Reserve Asset - Second edition

This year marks 50 years since the end of gold’s formal link to currency. In the half-century that has passed since this milestone, the world has evolved in ways that were probably unimaginable to the political and economic leaders of that time. As the world has changed, so too has the role of gold. Whereas central banks steadily sold down their gold reserves for several decades after the end of the Bretton Woods system, they have since re-emerged as net buyers of gold for the past eleven years, with emerging market countries leading the way.

Sectors: Central banks/official inst.

Published:

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

Published:

Gold Market Commentary

Transitory or not, inflation is already impacting consumers

Gold fell slightly during August, down 0.6% in US dollars, on modestly firmer interest rates following strong US jobs data.

Sectors: Investment

Published:

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

Published:

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