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Record gold buying

In June, gold-backed ETFs recorded their seventh consecutive month of positive flows, adding 104 tons – equivalent to US $5.6 billion or 2.7% of assets under management.

This brought 1st half global net inflows to 734 tons, significantly above the highest level of annual inflows, both in tonnage terms (646 tons in 2009) and US-dollar value (US $23 billion in 2016).

To put this strength of demand into context, 1st half inflows are also significantly higher than the multi-decade record level of central bank net purchases seen in 2018 and 2019 and could absorb about 45% of global gold production for the 1st half of 2020.

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