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ETF Gold Holdings Rise By 197

ETF Gold Holdings Rise By 197.5 Tonnes In 2017 - WGC

Tuesday January 09


Global gold-backed ETFs collectively held 2,363 tonnes(t) (US$98.1bn) at the end of 2017 as funds added 197.5t of gold, equivalent to US$8.2bn, during the year — an increase of 8.4% in global AUM from December 2016.


European funds captured 75% of global inflows in 2017, adding 148.6t of gold (US$5.8bn, 14% AUM) to their holdings. North America had inflows of 62.9t (US$2.9bn, 6% AUM), while Asian funds saw outflows of 12.9t (US$405mn, 12% AUM) during the year. Other regions had marginal outflows of 1.1t (US$32mn, 2% AUM) in 2017.


German-listed ETFs accounted for 35% of global net inflows in 2017. Xetra-Gold alone accumulated 58t (US$2.3bn) – a 52% increase in AUM year-on-year. Also in Europe, Source Physical Gold ETC added 27.2t (US$1.1bn, 35% AUM). In the US, iShares Gold Trust added 47.3t (US$2bn, 27% AUM) and SPDR® Gold Shares accumulated 15.3t (US$923mn, 3% AUM), a combined 62.6t or 28% of net global inflows.


While smaller in comparison, currency-hedged gold-backed ETFs had some of the strongest growth during 2017 on a percentage basis. db Physical Gold British-pound-hedged and euro-hedged funds grew 463% and 65% respectively. ETFS GBP Daily Hedged Physical Gold grew 119%, adding 2.5t. At the fund level, Asian listed funds accounted for 54% of global net outflows. Huaan Yifu Gold ETF, listed in China, had the most outflows globally, losing 5.5t (US$231mn, 25% AUM).


December 2017 flows


In December, global gold-backed ETFs increased their holdings by 5.3t (US$101mn, 10bp AUM) to 2,363t.


Global net inflows were spread across Europe, North America and Asia. Investors added 5.1t (US$46mn, 10bp AUM) of gold through funds listed in Europe. North America had inflows of 0.6t (US$40mn, 8bp AUM), breaking a 2-month decline. Asian funds gained 0.8t (US$56mn, 2% AUM), while ETFs in other regions lost 1t (US$41mn, 2% AUM).


In Europe, Xetra-Gold added 4.7t (US$141mn, 2% AUM), making it the best performer globally. UBS ETF CHF hedged added 1.1t (US$41mn, 4% AUM). db Physical Gold Euro Hedged ETC added 1.1t (US$32mn, 2% AUM). Source Physical Gold ETC led global outflows losing 3.6t (US$135mn, 3% AUM). In North America, iShares Gold Trust added 2.1t (US$88mn, 88bp AUM). This was countered by outflows of 2t from SPDR® Gold Shares (US$67mn, 19bp AUM). Huaan Yifu Gold ETF in China, led Asian inflows, adding 0.6t (US$24mn, 3%).


Notes, definitions and methodology




Gold ETFs account for a significant part of the gold market, with institutional and individual investors using them to implement many of their investment strategies. The data on this page tracks physical gold held by ETFs and similar products. Most funds included in this list are fully backed by physical gold. While a few funds allow other holdings such as cash or derivatives, we only monitor those investing at least 90% through physical gold and appropriately adjust their reported assets to estimate physical holdings only. Similarly, the data only estimates the corresponding gold holdings of ETFs that include other precious metals. A complete list of the gold-backed ETFs we track is included in the Monthly XLSX and Daily CSV files above.



Flows represent actual creations or redemptions of shares in an open-ended ETF, or changes to the physical gold holdings that back shares of an ETF or similar product at any given time. When measured in tonnes, ETF flows are equivalent to the demand metrics reported in Gold Demand Trends on a quarterly basis. ETF flows in US dollars represent the monetary value of gold demand for a given period and consider daily fluctuations in the price of gold.


Holdings correspond to the total assets under management (AUM) of gold-backed ETFs measured in either tonnes or US dollars. To calculate gold holdings in tonnes, other than through direct reporting, we divide the US dollar value of their AUM by the LBMA Gold Price per tonne – where one tonne is equivalent to 32,151 Troy ounces.