According to the World Gold Council’s Gold ETF Commentary that said, November sees outflows again! The November in review say, Global physically backed gold ETFs1 reported a net loss for the first time in six months, with collective outflows of US$2.1bn in November.
Despite a weaker gold price, North America reported a fifth consecutive – albeit smaller – monthly inflow. All other regions witnessed outflows with Europe once again bearing the brunt of global losses. November’s outflow, along with a lower gold price, brought total global gold ETF assets under management (AUM) down to US$274bn (-4%). Meanwhile, collective holdings fell 29t to 3,215t.
Despite recent losses, y-t-d inflows into global gold ETFs remained positive at US$2.6bn. Over the past eleven months, Asia and North America have driven global inflows while Europe remains the only region with outflows. Y-t-d global gold ETF demand has flipped negative (-11t) again due to the November weakness.
The report also said, Gold trading volumes kept rising! Global gold trading volumes have now risen for three consecutive months, averaging US$290bn in November, 8% higher m/m despite a falling gold price. Higher exchange-traded activities were a main contributor – both futures trading volumes at COMEX (+50%) and Shanghai Futures Exchange (+33%) saw notable gains.
Global gold ETF volumes also jumped, rising 17% to US$3bn/day – with North America driving the growth. Meanwhile, global OTC gold trading saw an 8% m/m fall to US$167bn.
Total net longs of COMEX’s gold futures ended November at 768t, a 15% m/m fall. Money managers reduced their net long positions by 16% to 616t by the end of the month. We believe the gold price weakness and a declining volatility have dimmed their interest in gold futures trading. Meanwhile, continued strength in equities may have also diverted their attention away from gold.
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