Gold-backed ETF Holdings Hit All-Time Record

Region-wise, North American funds saw largest inflows of 206t, with AUM rising by 14.4% over the previous year.

SEATTLE (Scrap Monster): The total holdings of gold-backed ETFs and similar products rose significantly by 400 tonnes in 2019 to reach 2,881 tonnes at the end of the year. The 13.6% year-on-year surge was primarily driven by robust inflows during H2 2019, said the latest report published by the World Gold Council (WGC).

The overall gold-backed assets under management (AUM) across the globe surged higher by 37% in U.S. dollar terms during the previous year, mainly on the back of rising demand even amidst sharp rise in gold prices during the year. The inflows witnessed strong rebound during the last month of the year, WGC noted.

ALSO READ: Gold ETFs Recorded Inflows After a Period of Six Years

Region-wise, North American funds saw largest inflows of 206t, with AUM rising by 14.4% over the previous year. Positive flows have led to 60% surge in collective holdings of low-cost gold-backed ETFs in the U.S. over the past 1.5 years. The holdings in European funds have increased by 188t. The Asian region reported marginal outflow of 0.1 tonnes. Meantime, other regions together reported inflows of 6.3 tonnes.

• Revalyu Resources Expands PET Recycling Operations in Nashik
• Topsham Scrap Metal Company Fined $42,000 After Alleged Clean Air Act Violation
• Alaska’s Top Court Reviews Permits for Donlin Gold Mine
• Michigan EGLE Awards $1 Million in Brownfield Funding for Redevelopment of Two Landfills