Gold-backed ETF holdings hit record highs in September

Gold-backed ETF holdings hit record highs in September

In September global gold-backed ETFs increased their collective gold holdings by 75t to 2 808 tonnes (t), the highest levels of all time. Holdings surpassed late 2012 levels, at which time the gold price was near US$1 700/oz.

More than 80% of the inflows were from North America, especially into the SPDR ETF. It looks like Americans are taking out insurance against President Trump and his policies. SPDR now holds 920 tonnes of gold, which will put them 9th in Central Bank gold holdings, just above Japan. See below.

Source: World Gold Council.

 

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