Gold-backed ETF up by 9.1t
Global gold-backed ETF flows increased
their holdings in November to 2,357t
Regional fund flows: Net inflows globally came entirely from Europe:
Global net inflows were concentrated in Europe, as investors added 15.8t valued of US$622mn, that is up by 1.5% AUM of gold through funds listed in the region. Net outflows were modest but consistent outside of Europe. North America had outflows of 5.4t & that worth of US$198mn, moved up just 0.38% AUM, declining for the second month in a row. Asian funds lost 0.3t of valued US$200k, 0% AUM, while ETFs in other regions lost 0.9t of US$30mn, 1.7% AUM.
Individual fund flows: Two currency-hedged funds in Europe grew by almost 20%:
In North America, iShares Gold Trust added 7.0t for US$292mn, is up by 3.1% AUM. SPDR Gold Shares led outflows worldwide with 11.2t worth US$451mn, that is of 1.3% AUM coming out of the fund. In Europe, three currency-hedged funds grew substantially on a percentage basis.
db Physical Gold Euro Hedged ETC added 5.3t of US$195mn, 14% AUM. UBS ETF CH-Gold CHF hedged added 4.2t valued US$163mn, 19% AUM. db Physical Gold ETC EUR added 2.3t of US$95mn, 18% AUM. ETFS Physical Gold added 2.3t, increasing their AUM by 2%.
Year-to-date trends: German gold-backed ETFs lead but their growth subsided over the past two months:
Global gold-backed ETFs collectively hold 2,357t, as funds added 198t of gold, equivalent to $8.5bn, so far, this year, which represents an increase of 8.3% of global AUM from December 2016.
European funds continued to lead inflows and captured 75% of global inflows this year, adding 143t of US$5.7bn, 14% AUM of gold to their holdings in 2017. North America had inflows worth 62.3t valued of US$2.9bn, 5.5% AUM, while Asian funds saw outflows of 13.7t worth of US$455mn, 14% AUM during the year. Other regions had marginal outflows of 0.1t at US$8.7mn, 0.5% AUM) over the period.
German-based ETFs account for 34% of global net inflows in 2017. Xetra-Gold alone accumulated 53.3t for US$2.1bn-a 49% increase year-to-date. However, these funds’ growth halted over the past two months. In the US, iShares Gold Trust and SPDR Gold Shares accumulated a combined 62.5t or 33% of gross global inflows.