Gold ETFs slips in May!
Gold-backed ETFs experienced small outflows in May Holdings in global gold-backed ETFs and similar products fell marginally in May by 2.2 tonnes (t) to 2,421t, equivalent to US$141mn in outflows as consistent European fund growth was offset by outflows in North America, early in the month, and in Asia. Global assets under management (AUM) in US dollars rose 1% to US$101bn as the price of gold rallied 1.7% during May. Year to date, global gold-backed ETFs have lost 0.5% in assets (19t, US$535mn), mostly due to heavy outflows in February, April and early May. However, higher uncertainty and market volatility have supported flight-to-quality flows into gold-backed ETFs in recent weeks. Regional fund flows: Holdings in European funds rose by 15.9t (US$627mn, 1.3%), North American funds had outflows of 13.7t (US$580mn, 1.2% AUM). Funds listed in Asia decreased by 4.1t (US$171mn, 6%) & other regions had outflows of 0.5t (US$17mn, 1.3%). Individual fund flows: