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Oct 4, 2018

World Gold Council: Outflows in gold-backed ETFs continued in September

Outflows in gold-backed ETFs slowed but continued

Holdings in global gold-backed ETFs and similar products fell by 23.7 tonnes(t) to 2,329t in September – the fourth consecutive month of falls – equivalent to US$932 million in outflows. This, in addition to a drop in the gold price of 1.1% during the month, pushed assets under management (AUM) in US dollars down by 2.3% relative to August.
See the data
Regional fund flows
  • Holdings in European funds fell by 10.2t (US$379mn, 1.0% AUM)
  • Funds listed in Asia decreased by 6.5t (US$253mn, 7.7%)
  • North American funds saw outflows of 6.1t (US$258mn, 0.6%)
  • Other regions saw a reduction in holdings of 1t (US$44mn, 3.5%)
Individual flows
  • GLD® continued to experience outflows of US$487mn or 1.7% of assets, while iShares Gold Trust added 4.1t (US$159mn, 1.6%)
  • Smaller low-cost ETFs in North America grew meaningfully: SPDR® Gold MiniShares added 3.0t (US$117mn) and grew 103% and newly launched Perth Mint added 0.8t (US$31mn, 153%), while Graniteshares Gold Trust grew by 0.3t (US$12mn, 4.4%)
  • In Europe, Source Physical Gold added 3.6t (US$141mn, 3.5%); iShares Physical Gold lost 8.4t
  • US$333mn, 9.3%) and UBS CHG Hedged lost 7.2t (US$272mn, 27%).
    In China, Bosera Gold gave back its inflows from August losing 6.4t (US$251mn, 21% AUM)
Year-to-date trends
  • A stronger US dollar over the past two quarters and a declining US dollar gold price have weighed on ETF holdings; global AUM is lower on the year by 18.5t (US$530mn, 0.6%)
  • European funds continue to lead inflows, adding US$2.3bn (5.8% AUM) to holdings
  • Asian funds have seen an impressive percentage increase, growing 9.1% y-t-d
  • North American flows have been negative for four straight months as the price of gold has fallen, with US$2.8bn (6.1% AUM) coming out during the year