The Global Experts on Gold

Global gold backed ETFs attracted US$10bn in September, capping a record quarter in which investors added ~US$31bn. All regions recorded inflows during the month, led by North America and Europe. Despite a lower gold price, which contributed to a 7% m/m decline in total assets under management to US$574bn, strong demand lifted global holdings by 67t to a record 4,256t.

A surge in US Treasury yields and the US dollar alongside a drop in futures positions helped drive prices lower in September, despite impressive gold ETF inflows. UK gold ETFs delivered a stellar Q3. Fiscal concerns may be helping, but this looks less like the short-lived 2022 surge and more like a sustained shift in demand.

Investors have long recognised the role commodities can play in diversifying portfolios and providing inflation protection. Gold, however, occupies a unique position within the commodities universe. Its distinctive market structure, long-term return profile, diversification benefits, inflation-hedging characteristics and deep liquidity support its role as a strategic asset in its own right, rather than simply a component of a broad commodities allocation.

Data on sectors of gold demand, supply, productions costs and futures market positioning

Benchmark gold prices, gold futures curves and local price premium/discount

Returns, volatility, correlations and trading volumes for gold, bonds, equities and other major asset classes

Data on central bank gold holdings, sales and purchases, as well as insights from annual surveys into central bank attitudes towards gold.