Recently the World Gold Council published their, Gold ETF Commentary, March and Q1 in review! That said, Global flows stay hot! Global physically backed gold ETFs reported strong inflows in March totalling US$8.6bn. This helped drive total Q1 flows of US$21bn (226t) to the second highest quarterly level in dollar terms, only behind Q2 2020’s US$24bn (433t).
North America (61%) and Europe (22%) represented the bulk (83%) of net inflows in Q1. Asia contributed 16% – impressive given that the region’s total assets under management (AUM) only account for 7% of the global total. Additionally, first quarter flows in Europe of US$4.6bn stood out as the strongest quarter since Q1 2020. As a result, and aided by gold’s price increase, AUM reached another all-time-high of US$345bn, representing an increase of 13% in March and 28% through the first quarter.
Additionally, collective holdings rose to 3,445t by the end of March, a 92t addition in the month and 226t higher through Q1, reaching the highest month-end level since May 2023 and 470t shy of the record of 3,915t in October 2020.
Regional overview suggests North American demand led global flows, adding US$6.5bn and constituting 76% of total flows this month, and US$12.9bn during the quarter. This move higher can be attributed to familiar drivers;
1: the strong price momentum sent gold to above the US$3,000/oz threshold,
2: yields remained rangebound,
3: the dollar slipped to levels not seen since last November,
4: tariff and war uncertainty provided continued support.
5: Additionally, equity pullbacks, due to growth concerns and market liquidity worries amid ongoing quantitative tightening, further pushed up investor demand for safe-haven assets. Also, increased option activity helped drive US$2.1bn (22 tonnes) inflows at monthly expiry.
6: As a result, North American funds posted another strong monthly performance, and the region solidified its significant contribution to global quarterly flows.
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