Content (81)
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White papersGold Market Commentary: An unseasonal August may lie ahead
Gold gained 3.1% in July to US$1,971 bringing the y-t-d return to 8.7%. Global gold ETFs saw outflows of 32t, evenly distributed between Europe and North America. But 93t of mostly new longs pushed COMEX managed money net long positions to 362t (26% of open interest).
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White papersGold ETF Flows: July 2023
Physically-backed gold ETFs saw net outflows of US$2.3bn in July, equivalent to a 34t reduction in holdings. Despite this, total assets under management (AUM) increased by 2% m/m to US$215bn as a rebound in gold price more than offset negative flows. The higher gold price also helped moderate gold ETF outflows, which were 39% lower in July than in June.
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White papersGold Demand Trends Q2 2023
Central bank buying slowed in Q2 but remained resolutely positive. This, combined with healthy investment and resilient jewellery demand, created a supportive environment for gold prices.
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White papersGold investment market and financialisation: India gold market series
India is one of the world’s largest gold bar and coin markets. Investment demand for gold is driven by its safe-haven appeal and the ability to convert these products into jewellery at a later stage.
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White papersThe relevance of gold for Australian Self-Managed Super Funds
Gold, in Australian dollars (AUD), delivered positive returns in 2022 and this has continued so far in 2023. It has attracted attention: not only have global central banks continued to buy gold, but Australia’s sovereign wealth fund has also added gold to its portfolio.
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White papersGold Mid-year Outlook 2023: Between a soft and a hard place
Developed market central banks are nearing the end of their tightening cycles. For now, market consensus points to a mild contraction in the US in late 2023 and slow growth in developed markets. But given the historical lag between monetary policy and economic performance, investors are wary that a hard landing may be still to come.
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White papersGold Market Commentary: Fire doused, smoke remains
Gold fell 0.9% in May to US$1,964, leaving the y-t-d return at 8.3%. But the fall was marginal and in part attributable to strength in North American currencies (USD, CAD). In other currencies gold made gains.
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White papersGold Demand Trends Q1 2023
Continued momentum in central bank buying and resurgent Chinese consumer demand contrasted with a negative contribution from ETFs and weakness in India.
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White papersGold Market Commentary: Gold Gears up for Brewing Crisis
Gold rose by 9.2% during Q1, to US$1,980/oz, propelled by fears of an economic crisis and simmering geopolitical tensions. While the sudden banking mini-crisis triggered by the collapse of Silicon Valley Bank (SVB) drove gold higher towards the end of the quarter, yields (level and volatility) and the dollar remained ever-present drivers.
