Gold ETFs Posted Net Outflows in August: WGC

SEATTLE (Scrap Monster): The World Gold Council (WGC) noted that global gold exchange traded funds (ETFs) registered outflows during the month of August this year. This is the third consecutive month of outflows.

According to WGC, the global gold ETFs lost US$2.5bn in August. Consequently, the total assets under management (AUM) of gold ETFs recorded a decline by 3% to $209 billion. The total holdings recorded a dip by 46t to 3,341t. Also, year-to-date global gold ETF outflows were valued at $7.5 billion, the report said.

The outflows were mainly from funds in the North American and European region. All other regions witnessed inflows. The North American funds lost $2.7 billion, with holdings down by 44t. The year-to-date demand for North American funds turned negative after the massive outflows in August. The European funds’ losses amounted to $315 million. The losses narrowed upon comparison with $1.3 billion in the prior month. The outflows amounted to $5.8 billion during the initial eight-month period of the year, with the UK and Germany accounting for major share.

In contrast, Asian funds witnessed inflows for sixth month in a row. The region’s funds saw inflows of $430 million. The Other Region recorded positive inflows of $24 million, mainly driven by South Africa and Turkey.

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