November 2018 gold-backed ETF flows. 6 December 2018

Transcription

1 November 2018 gold-backed ETF flows 6 December 2018

2 Global gold-backed ETF flows are now positive in 2018 Holdings in global gold-backed ETFs and similar products rose in November by 21.2 tonnes(t) to 2,365t, equivalent to US$804mn in inflows. This marks the second consecutive month of net inflows. Global gold-backed ETF flows are now positive in US dollar terms on the year Global stock markets remained volatile, although they ultimately ended the month mixed. Oil performance was a major story as the commodity fell more than 22% on the month amidst supply concerns. The US 2/10 Treasury yield curve flattened to near-low prices on the year as investors have become concerned that the US has hit peak economic conditions with the potential for a recession in either 2019 or Long-dollar hedged gold is now higher on the year and has rallied over 6% in Q3 with the improving gold and US dollar pricing. Flows were positive across all regions in November. European funds led global inflows, with strong flows into UK-based funds as Brexit concerns increased and sterling weakened Nov 18 As of 30/11/2018 Total AUM (bn) Change tonnes Flows (US$mn) Flows (% AUM) North America % Europe % Asia % Other % Global inflows , % Global outflows % Total % Global Inflows refers to the sum of changes of all funds that saw a net increase in ounces held over a given period (eg, month, quarter, etc.). Conversely, global outflows aggregates changes from funds that saw ounces held decline over the same period. Source: Bloomberg; Company Filings; World Gold Council 2

3 SPDR Gold Shares and ishares Physical Trust led global inflows Individual flows SPDR Gold Shares led global inflows, gaining 7.7t (US$309mn, 1.1%), followed by ishares Physical Gold which gained 5.4t (US$207mn, 6.3%), and Gold Bullion Securities 2.1t (US$82mn, 2.7%), both in the UK, as well as Huaan Yifu Gold, in China, which added 2.7t (US$104mn, 13.3%) Low-cost gold-backed ETFs in the US continue to add assets as strategic holders increase holdings Funds with outflows were few but were led by Invesco Physical Gold, which lost 2.0t (US$ 78mn, 1.8%) and Bosera Gold, down 1.1t (US$45mn, 9.5%) Top 15 flows Country Change tonnes Flows (US$mn) Flows (% AUM) SPDR Gold Shares US % ishares Physical Gold ETC GB % Huaan Yifu Gold ETF CN % Gold Bullion Securities Ltd GB % Xetra-Gold DE % Xtrackers Physical Gold ETC EUR DE % ETFS Physical Gold GB % SPDR Gold MiniShares Trust US % Aberdeen Physical Swiss Gold Shares US % ETFS EUR Daily Hedged Physical Gold IT % Graniteshares Gold Trust US % Xtrackers Physical Gold ETC DE % Perth Mint Physical Gold ETF US % Japan Physical Gold ETF JP % Xtrackers Physical Gold GBP Hedged ETC DE % Bottom 15 flows Country Change tonnes Flows (US$mn) Flows (% AUM) Invesco Physical Gold ETC GB % Bosera Gold Exchange Trade Open-End Fund ETF CN % ishares Gold Trust US % UBS ETF CH-Gold CHF hedged CHF CH % GAM Precious Metals - Physical Gold CHF A CH % Xtrackers Physical Gold Euro Hedged ETC DE % Julius Baer Precious Metals Fund - JB Physical Gold FunCH % Royal Canadian Mint - Canadian Gold Reserves CA % GAM Precious Metals - Physical Gold EUR A CH % PICTET CH Physical Gold-PDYUSD CH % Central Fund of Canada Ltd CA % ishares Gold Bullion ETF CA % GAM Precious Metals - Physical Gold USD AX CH % E Fund Gold Tradable Open-end Securities Investment CN % ETFS Physical Precious Metal Basket Shares US % 3

4 Assets in global gold-backed ETFs have gained 0.4% in 2018 Year-to-date flows Collectively, US dollar flows in gold-backed ETFs are now positive having raised US$354mn (40bps), despite the recent trend driven by a strong US dollar and bearish gold market sentiment** North America reported a second monthly inflow after six consecutive months of outflows but remain negative on the year by 50.0t (US$2.1bn, 4.6% AUM) By contrast, European funds continue to see net positive inflows with $2.9bn coming in (7.1% AUM) y-t-d YTD 18 As of 30/11/2018 Total AUM (bn) Change tonnes Flows (US$mn) Flows (% AUM) North America , % Europe , % Asia % Other % Global inflows , % Global outflows , % Total % Global Inflows refers to the sum of changes of all funds that saw a net increase in ounces held over a given period (eg, month, quarter, etc.). Conversely, global outflows aggregates changes from funds that saw ounces held decline over the same period. Source: Bloomberg; Company Filings; World Gold Council 4

5 Year-to-date flows by fund Top 15 flows Country Change tonnes Flows (US$mn) Flows (% AUM) Xtrackers Physical Gold ETC EUR DE , % ishares Gold Trust US , % ishares Physical Gold ETC GB % Bosera Gold Exchange Trade Open-End Fund ETF CN % Xtrackers Physical Gold Euro Hedged ETC DE % Graniteshares Gold Trust US % SPDR Gold MiniShares Trust US % Xetra-Gold DE % ETFS Physical Gold GB % Huaan Yifu Gold ETF CN % Xtrackers Physical Gold ETC DE % ETFS Physical Swiss Gold GB % Japan Physical Gold ETF JP % CSIF CH II Gold Blue DH CHF CH % Perth Mint Physical Gold ETF US % Bottom 15 flows Country Change tonnes Flows (US$mn) Flows (% AUM) SPDR Gold Shares US , % Central Fund of Canada Ltd CA % Bosera Gold ETF I CN % Gold Bullion Securities Ltd GB % NewGold Issuer Ltd ZA % UBS ETF CH-Gold CHF hedged CHF CH % Aberdeen Physical Swiss Gold Shares US % Sprott Physical Gold Trust US % GAM Precious Metals - Physical Gold CHF A CH % Julius Baer Precious Metals Fund - JB Physical Gold FunCH % Invesco Physical Gold ETC GB % ZKB Gold ETF AA USD CH % E Fund Gold Tradable Open-end Securities Investment CN % ishares Gold Bullion ETF CA % GAM Precious Metals - Physical Gold EUR A CH % 5

6 Flows by month and year 6

7 Disclaimer This information is provided solely for general information and educational purposes. It is not, and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, gold, any gold related products or any other products, securities or investments. It does not, and should not be construed as acting to, sponsor, advocate, endorse or promote gold, any gold related products or any other products, securities or investments. This information does not purport to make any recommendations or provide any investment or other advice with respect to the purchase, sale or other disposition of gold, any gold related products or any other products, securities or investments, including without limitation, any advice to the effect that any gold related transaction is appropriate for any investment objective or financial situation of a prospective investor. A decision to invest in gold, any gold related products or any other products, securities or investments should not be made in reliance on any of this information. Before making any investment decision, prospective investors should seek advice from their financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision. While the accuracy of any information communicated herewith has been checked, neither the World Gold Council nor any of its affiliates can guarantee such accuracy. In no event will the World Gold Council or any of its affiliates be liable for any decision made or action taken in reliance on such information or for any consequential, special, punitive, incidental, indirect or similar damages arising from, related to or connected with such information, even if notified of the possibility of such damages. Ounces held in a fund are based on the fund s reported net asset value which are the total assets net of liabilities. This figure may not always coincide with reported ounces held for some funds including but not limited to: SPDR Gold Shares and SPDR Long Dollar Gold Trust which often disclose gross ounces that do not take into account accrued liabilities until gold is sold to meet those liabilities. 7