Global gold-backed exchange-traded funds (ETFs) enjoyed a second consecutive month of inflows in November on the back of continuing stock market volatility, geo-political events and the under-performance of other commodities.
The World Gold Council’s report for November found that flows were positive across all regions in November, leading global gold-backed ETFs and similar products to add US$804 million (€705 million) in inflows to reach $92bn in total assets under management.
The report also found that:
• North America saw inflows for a second straight month, but still leads global outflows on the year
• European funds led global inflows, with strong flows into UK-based funds – likely related to Brexit concerns
• Following two months of weak performance Asian funds added 2.3% to their assets in November
Juan Carlos Artigas, the World Gold Council’s director of investment research, said: “Across all regions, flows were positive. In particular, UK-based funds experienced strong movement as Brexit concerns have ramped up alongside a softening in sterling.”
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