Global gold-backed ETFs holdings at record high, new data shows

UK-based fund holdings continuing to see all-time highs. Image: Paul Lloyd from Flickr.

Global gold-backed ETFs reached their highest levels of all-time in the month of September, adding 75.2 tonnes in September to a total of 2,808 tonnes, according to new data from the World Gold Council.

Against a backdrop of easy money monetary policy by global central banks, continued geopolitical uncertainty including the looming Brexit deadline and tensions in the Middle East – as well as rising turmoil in Congress – global gold demand remained strong throughout the month.

Inflows of $3.9 billion across all regions drove ETF holdings above 2012 levels, when the price of gold was 18% higher.

North American funds led the way on a regional level, adding 62 tonnes ($3.1 billion, 4.5% AUM). European-listed funds brought in 7.7 tonnes ($586 million, 1%), with UK-based fund holdings continuing to see all-time highs, reaching 21% of global gold-backed ETF assets in September as investors position for an October 31 Brexit deadline. Asian funds also added 3.9 tonnes ($187 million, 4.6%).

Low-cost gold-backed ETFs in the US have seen positive flows for 15 of the past 16 months, and have increased their collective holdings by 51% so far this year.

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