November 2018 gold-backed ETF flows 6 December 2018
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$804mn in inflows. This marks the second consecutive month of net inflows. Global gold-backed ETF flows are now positive in US dollar terms on the year Global stock markets remained volatile, although they ultimately ended the month mixed. Oil performance was a major story as the commodity fell more than 22% on the month amidst supply concerns. The US 2/10 Treasury yield curve flattened to near-low prices on the year as investors have become concerned that the US has hit peak economic conditions with the potential for a recession in either 2019 or 2020. Long-dollar hedged gold is now higher on the year and has rallied over 6% in Q3 with the improving gold and US dollar pricing. Flows were positive across all regions in November. European funds led global inflows, with strong flows into UK-based funds as Brexit concerns increased and sterling weakened Nov 18 As of 30/11/2018 Total AUM (bn) Change tonnes Flows (US$mn) Flows (% AUM) North America 46.7 8.4 352.7 0.75% Europe 41.4 10.5 371.9 0.90% Asia 3.2 2.1 72.0 2.28% Other 1.3 0.2 7.2 0.56% Global inflows 26.5 1,022.0 1.10% Global outflows -5.7-218.2-0.24% Total 92.6 21.2 803.8 0.87% 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
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 7.7 309.3 1.05% ishares Physical Gold ETC GB 5.4 207.4 6.29% Huaan Yifu Gold ETF CN 2.7 103.7 13.29% Gold Bullion Securities Ltd GB 2.1 82.3 2.71% Xetra-Gold DE 1.9 54.5 0.78% Xtrackers Physical Gold ETC EUR DE 1.1 45.2 2.01% ETFS Physical Gold GB 1.0 39.1 0.65% SPDR Gold MiniShares Trust US 0.9 35.7 13.13% Aberdeen Physical Swiss Gold Shares US 0.7 29.6 3.86% ETFS EUR Daily Hedged Physical Gold IT 0.4 14.4 5.18% Graniteshares Gold Trust US 0.3 12.5 4.37% Xtrackers Physical Gold ETC DE 0.3 10.5 1.32% Perth Mint Physical Gold ETF US 0.3 10.4 17.18% Japan Physical Gold ETF JP 0.2 8.2 1.46% Xtrackers Physical Gold GBP Hedged ETC DE 0.2 7.2 15.17% Bottom 15 flows Country Change tonnes Flows (US$mn) Flows (% AUM) Invesco Physical Gold ETC GB -2.0-78.0-1.77% Bosera Gold Exchange Trade Open-End Fund ETF CN -1.1-44.5-9.52% ishares Gold Trust US -0.8-29.6-0.28% UBS ETF CH-Gold CHF hedged CHF CH -0.2-13.5-1.73% GAM Precious Metals - Physical Gold CHF A CH -0.1-7.3-1.53% Xtrackers Physical Gold Euro Hedged ETC DE -0.3-6.5-0.37% Julius Baer Precious Metals Fund - JB Physical Gold FunCH -0.2-5.9-1.01% Royal Canadian Mint - Canadian Gold Reserves CA -0.1-5.1-1.53% GAM Precious Metals - Physical Gold EUR A CH -0.1-4.7-1.68% PICTET CH Physical Gold-PDYUSD CH -0.1-4.6-4.38% Central Fund of Canada Ltd CA -0.3-4.5-0.27% ishares Gold Bullion ETF CA -0.2-3.9-1.71% GAM Precious Metals - Physical Gold USD AX CH -0.1-2.8-1.89% E Fund Gold Tradable Open-end Securities Investment CN -0.1-2.4-1.71% ETFS Physical Precious Metal Basket Shares US 0.0-1.7-0.88% 3
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 46.7-49.7-2,144.9-4.59% Europe 41.4 57.4 2,936.6 7.09% Asia 3.2-4.1-46.0-1.46% Other 1.3-9.7-391.7-30.49% Global inflows 149.7 6,694.9 7.23% Global outflows -154.3-6,340.9-6.85% Total 92.6-6.1 354.1 0.38% 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
Year-to-date flows by fund Top 15 flows Country Change tonnes Flows (US$mn) Flows (% AUM) Xtrackers Physical Gold ETC EUR DE 43.1 1,823.8 278.73% ishares Gold Trust US 28.2 1,254.2 12.36% ishares Physical Gold ETC GB 12.9 534.7 16.68% Bosera Gold Exchange Trade Open-End Fund ETF CN 9.0 430.0 549.26% Xtrackers Physical Gold Euro Hedged ETC DE 4.2 333.7 19.85% Graniteshares Gold Trust US 7.5 308.8 5958.08% SPDR Gold MiniShares Trust US 7.9 308.7 100.00% Xetra-Gold DE 5.7 272.3 3.72% ETFS Physical Gold GB 6.1 240.2 3.89% Huaan Yifu Gold ETF CN 4.0 165.8 21.29% Xtrackers Physical Gold ETC DE 2.3 94.6 12.32% ETFS Physical Swiss Gold GB 1.9 80.3 13.28% Japan Physical Gold ETF JP 2.0 77.9 14.79% CSIF CH II Gold Blue DH CHF CH 1.6 76.9 118.96% Perth Mint Physical Gold ETF US 1.8 69.4 100.00% Bottom 15 flows Country Change tonnes Flows (US$mn) Flows (% AUM) SPDR Gold Shares US -75.7-2,852.0-8.17% Central Fund of Canada Ltd CA -9.4-889.6-41.26% Bosera Gold ETF I CN -16.8-687.0-67.17% Gold Bullion Securities Ltd GB -13.5-574.2-14.78% NewGold Issuer Ltd ZA -11.1-453.6-35.91% UBS ETF CH-Gold CHF hedged CHF CH -6.4-188.6-17.37% Aberdeen Physical Swiss Gold Shares US -4.7-186.0-17.75% Sprott Physical Gold Trust US -4.5-151.2-6.69% GAM Precious Metals - Physical Gold CHF A CH -2.0-52.2-8.90% Julius Baer Precious Metals Fund - JB Physical Gold FunCH -1.3-48.7-7.29% Invesco Physical Gold ETC GB -1.7-46.8-1.00% ZKB Gold ETF AA USD CH -0.7-28.7-2.07% E Fund Gold Tradable Open-end Securities Investment CN -0.8-28.7-16.17% ishares Gold Bullion ETF CA -1.0-21.0-7.58% GAM Precious Metals - Physical Gold EUR A CH -1.2-19.9-5.78% 5
Flows by month and year 6
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