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Global gold ETFs inch towards record holdings again — but investors aren’t marching in lockstep. According to the WGC’s October report, while U.S. and Asian buyers continued to add to gold-linked exchange-traded funds, European investors opted to cash out.
Total worldwide ETF holdings climbed by 55 tonnes in October, marking the fifth straight month of inflows, to take total assets to 3,893 tonnes, just short of the record high set in 2020. Gold prices are also up over 50% this year-to-date, having briefly pierced $4,380 per ounce before settling near $4,000.
North American investors remained the biggest buyers, with a 47-tonne addition worth about $6.5 billion in October. Heavyweights such as the SPDR Gold Shares (NYSE:GLD), the world's largest gold ETF, and the iShares Gold Trust (NYSE:IAU) saw constant inflows even during mid-month volatility.
Lower-cost alternatives such as the SPDR Gold MiniShares (NYSE:GLDM) also gained traction as investors hedged their portfolios amid softening yields and equity market jitters.
The WGC noted that even on the day gold prices slumped, Oct. 21, the biggest U.S. gold ETFs still managed to attract inflows — illustrating the increasing use of ETFs as longer-term safe-haven holdings rather than quick trades.
The region saw its second-largest monthly outflow on record with holdings 37 tonnes, or $4.5 billion, lower. The largest withdrawals were from U.K. and Germany-listed products.
The WGC said that while Switzerland posted another month of inflows, it wasn't enough to offset major outflows from the U.K. and Germany, as investors appeared to take profits following gold's sharp rally. The sell-off might be a result of a stronger euro, easing inflation and investors locking in profits.
In Asia, gold ETF demand was strong. Regional investors purchased 45 tonnes — about $6.1 billion-led by Chinese funds. Chinese gold ETFs such as the ChinaAMC Gold ETF and Bosera Gold ETF have been performing well this year, with price appreciation of more than 47% YTD for each fund. Against the backdrop of renewed U.S.-China tensions and a weakening yuan, local investors seem to have moved into gold ETFs as a liquid hedge against market uncertainty.
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