Gold-backed ETFs and similar products (gold ETFs) recorded their 11th consecutive month of net inflows during October 2020, matching the record number of positive monthly flows set in April 2006, the World Gold Council (WGC) said. Gold ETF holdings increased by 20.3 tonnes (t), +$1.4billion or 0.6% of assets under management (AUM), during the month as the gold price moved mostly sideways, finishing slightly below $1,900/oz. Net inflows of 1,022 tonnes ($57.1 billion) in 2020, so far, have driven global gold ETF holdings to a new all-time high of 3,899 tonnes ($235 billion in AUM).
WGC said positive inflows continued during October, albeit the lowest monthly increase in 2020, as most risk assets, like stocks, were lower on the month. Nearly all the net inflows came from European funds which added 20.2 tonnes ($1.4 billion, 1.4% AUM).
North American funds added a nominal amount of 1.8 tonnes ($166 million, 0.1%). Asian funds had small inflows of 1.1 tonnes ($76 million, 1.0%), while funds listed in other regions experienced significant outflows relative to their size of 2.8 tonnes ($144 million, 3.8%).
Gold ETFs have added more than 1,000 tonnes for the first time ever, surpassing the 2009 record of 646 tonnes. Collective gold ETF flows have added $57 billion year-to-date through October. North American funds represent nearly two-thirds of global net inflows during the year.
Data as of 31 October, 2020
Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council