Cardinal Resources gold
Image: 123rf.com

European funds resumed strong inflows

  • North American funds had inflows of 34.6 t (US$2.2 billion, 1.8% AUM)
  • Holdings in European funds increased by 26.0 t (US$1.9 billion, 2.0%)
  • Funds listed in Asia saw holdings rise by 6.8 t (US$432 million, 5.9%)
  • Other regions had inflows of 0.6 t (US$23 million, 0.6%).

Individual flows

SPDR Gold Shares and iShares Physical Gold collectively added over US$2 billion in September.

  • In North America, SPDR Gold Shares led global inflows, adding 17.4 t (US$1.1 billion, 1.4%), followed by iShares Gold Trust, which added 12.8 t (US$810 million, 2.5%); the low-cost space was fronted by SPDR Gold MiniShares growing by 2.8 t (US$169 million, 4.8%) with minimal to no flows in the other low-cost funds like Aberdeen Physical Swiss Gold Shares and Graniteshares Gold Trust
  • In Europe, iShares Physical Gold added 15.7t (US$984 million, 6.6%), followed by Invesco Physical Gold ETC, which added 12.3 t (US$768 million, 5.6%). WisdomTree Physical Gold led global outflows with -5.6 t (US$342 million, -3.8%) followed by Xtrackers Physical Gold ETC with -2.1 t (US$127 million, -8.4%)
  • Two new funds were listed in China (BOC Shanghai China Gold ETF and CCB Principal Shanghai Gold ETF), collectively adding over 1 t to the Asian region; Bosera’s listed fund led the region’s inflows with 2.0 t (US$127 million, 11.9%)

Long-term trends

Gold ETFs have added more than 1,000 t for the first time ever, surpassing the 2009 record of 646 t.

  • North American funds have added 649t through the first three quarters
  • Collective gold ETF AUM have grown 67% y-t-d through September
  • Holdings in both tonnage and value terms continue to reach new highs