Known Data As of Thursday January 7th: Dec 31st Jan 8th Difference Pct Tonnes Total (Tonnes) SPDR 36,447,079 36,121,731-325,348-0.89% -10.12 1,123.51 ZKB (1) 4,685,853 4,685,853 145.75 GBS 3,992,368 3,992,368 124.18 ETFS 3,326,941 3,313,533-13,408-0.40% -0.42 103.06 Ishares 2,550,437 2,549,537-900 -0.04% -0.03 79.30 JULIUS BAR 1,953,862 1,953,862 60.77 NG 1,704,710 1,704,560-150 -0.01% 0.00 53.02 CFOC 1,346,502 1,346,502 41.88 ETFAus 488,795 483,966-4,829-0.99% -0.15 15.05 CGT 396,834 396,834 12.34 CLAYMORE 718,000 720,000 2,000 0.28% 0.06 22.39 DUBAI 4,985 4,985 0.16 SGBS 4,976 4,976 0.5 TOTAL * 52,935,490 52,592,854-342,636 1,635.82 KILO 1,646,478 1,635,821-10,657 GTOTAL 57,621,343 57,278,707-342,810 1,781.57 KILO 1,792,224 1,781,567-10,657 * In troy ounces * In troy ounces, unless stated otherwise ** See legend on page 6 Indicates individual physical fund holdings on behalf of investors at a monitored record high or record low, before adjustments (1) is not incorporated in the weekly assessed Total and analysis, given their infrequent updates, but are accounted for in the Grand Total. Increases or decreases in either of these funds will be announced separately in this report. WEEKLY ETF MONITOR Friday, January 08, 2010 www.goldessential.com Page 1
June 11 July 17 September 12th Oct 31th Dec 5th Feb 7th Mar 13th Apr 17th May 29th July 3rd August 7th Sept 10th Oct 15th Nov 19th dec/17 ETF Research LONDON Goldessential.com Jan 8th 15.30GMT Investor holdings in the by Goldessential monitored (pure-play) gold-backed exchangetraded funds were seen decreasing 10.657 tonnes (-342,636 ounces) or 0.65 pct in the week from December 31st up to and including January 7th, in-house calculations based on official data showed on Friday. One of the twelve monitored ETF s announced an inflow over the reported period, whereas four reported a physical outflow. Seven reported no change, although one of them witnessed an adjustment that did not correspond to a redemption of shares (NewGold) 2000 1800 1600 1400 1200 1000 Goldessential ETF Monitor: Aggregate Holdings Additionally, holdings in the Swiss Zuercher Kantonalbank s (ZKB) Physical Gold ETF were unchanged in the week to December 31 st. The Swiss private bank furthermore announced on January 7 th to launch four new gold-backed exchange-traded products as per January 8 th on the Swiss SIX exchange. Three of them will be denominated in Swiss francs, Euros and British pound, and will be currency hedged. The fourth will be denominated in British Pound, albeit unhedged. All products will be fully backed by physical gold; mainly in London good delivery 12.5 kg bars (400ozs). 800 Total (In Metric Tonnes, Excluding (1)) Grand Total (in Metric Tonnes, Including (1)) Fig 1: holdings in monitored gold ETF s. Source: Goldessential Considering the ETF s under our standard scope of analysis hence excluding the irregularly updated ZKB -, we see the only increase over the reported period in the Claymore Bullion Trust, where 2,000 ounces or 0.06 tonnes (+0.28 pct) were added to gold holding held on behalf of investors. WEEKLY ETF MONITOR Friday, January 08, 2010 www.goldessential.com Page 2
The largest outflow in absolute terms was seen in the world s largest bullion-backed exchange-traded fund, the SPDR Gold Trust, where 325,348 ounces or 10.12 tonnes (-0.89 pct) in redemptions were seen, mostly spread over two 4.88 tonnes tranches on Monday (Jan 4) and Wednesday (Jan 6 th ). Smaller-sized redemptions were seen in two by ETF Securities marketed gold-backed exchange-traded commodities, namely the ETFS Metal Securities (PHAU) and smaller ETFS Metal Securities Australia, respectively at -13,408 ounces or -0.42 tonnes (-0.40 pct) and -4,829 ounces or -0.15 tonnes (-0.99 pct). The COMEX Ishares Gold Trust (Barclays) reported a physical decline in holdings of 900 ounces or 0.03 tonnes (-0.04 pct). All other - non-discussed - monitored ETF s reported no changes over the given interval. Jointly, the twelve monitored gold-backed exchange traded funds (excluding (1)) as such declined 0.65 pct over the reported period, undoing last week s 0.05 pct advance and breaking a three week gaining streak. Total monitored holdings (excluding (1)) were now at 1,635.82 tonnes, below a record high of 1,654.77 tonnes in the week to December 3rd. Grand total monitored holdings (including (1)) were at 1,781.57 tonnes, below a record high of 1,805.00 tonnes in the week to December 3rd. On a rolling month (4-week) basis, the best performance (in percent) was seen in SPDR Gold Trust (+0.65 pct), followed by the Canadian Claymore Bullion Trust (+0.28 pct). The third place was for the by ETF Securities marketed ETFS Metal Securities (PHAU) (+0.21 pct). The COMEX Ishares Gold Trust did worst over the rolling month (-3.02 pct), followed by the by ETF Securities marketed Gold Bullion Securities (-2.32 pct). The Swiss Julius Baer Physical Gold trust was third at 1.63 pct. WEEKLY ETF MONITOR Friday, January 08, 2010 www.goldessential.com Page 3
SPDR 0.65% GBS -2.32% Ishares -3.02% ETFS 0.21% NG -0.94% CFOC 0.00% ETFAus -0.99% CGT 0.00% DUBAI (-0.02%) JULIUS BAR -1.63% CLAYMORE 0.28% SGBS - Table 1: Rolling 4-Week Performance in Total Holdings per fund (Dec 10th Jan 7th) JULIUS BAR 3% Monitored Gold ETF's - Individual ETF Shares NG 3% Ishares 5% ETF 6% GBS 7% ZKB (1) 8% CFOC 2% GOLD 1% CGT 1% CLAYMORE 1% DUBAI 0% SPDR 63% SGBS 0% Fig 2: Monitored gold ETF s Individual ETF Shares (including (1)). Source: Goldessential.com WEEKLY ETF MONITOR Friday, January 08, 2010 www.goldessential.com Page 4
July 25 August 29st Sept 26th Oct 31th Nov 21th Dec 12th Jan 30th Feb 20th Mar 13th Apr 3th Apr 24th May 22nd June 12th July 3rd July 24th August 14th Sept 4th Sept 24th Oct 15th Nov 5th nov/27 dec/17 Jan 7th ETF Research 160 1200 140 120 100 80 60 40 20 0 1000 800 600 400 200 0 GBS Ishares ETFS NG CFOC ETFAus CGT DUBAI SPDR JULIUS BAR CLAYMORE SGBS Fig 3: Separate Gold ETF Holdings. SPDR Gold Trust on right Axis. In tonnes. Source: Goldessential.com --- Contact: info@goldessential.com markets@goldessential.com Not yet a client? Contact Us and be Amazed What We Can Do For You! WEEKLY ETF MONITOR Friday, January 08, 2010 www.goldessential.com Page 5
Addendum: Legend: SPDR = SPDR Gold (SSGA) GBS = Gold Bullion Securities (ETF Securities) ISHARES = COMEX Ishares Gold Trust (Barclays) ETFS Metal Sec = ETFS Metal Securities ETF (ETF Securities) NG = NewGold Debentures (Absa, South-Africa) CFOC = Central Fund of Canada (CFOC) ETFAUS = Metal Securities Australia (ETF Securities) CGT = Central Gold Trust (Central Gold Trust, Canada) DUBAI = Dubai Gold ETF (DMCC) Julius Baer = Julius Baer Physical Gold ETF (Julius Baer) ZKB (1) = Zuercher KantonalBank Physical Gold ETF Claymore = Claymore Bullion Trust SGBS = ETFS Physical Swiss Gold (ETF Securities) Method: Goldessential uses holdings data from late on Thursday as the basis for this report. Whereas we until now used the reporting date as Friday, it in essence referred to data from the previous business day. From this report on, we have changed the reporting data to the last business day on which holdings data was updated (Thursday). This as such has had no impact on the used method of calculation. Important Notice: (1) is not incorporated in the weekly assessed Total and analysis, given their infrequent updates, but are accounted for in the Grand Total. Increases or decreases in either of these funds will be announced separately in this report. WEEKLY ETF MONITOR Friday, January 08, 2010 www.goldessential.com Page 6