Now gold ETF positive in 2018
US potential enough for a recession in either 2019 or 2020 Long-dollar hedged gold is now higher on the year, rallying over 6% in Q3 Holdings in global gold-backed ETFs and similar products rose in November by 21.2 tonnes (t) to 2,365t, equivalent to US$804mn in inflows, marking the second consecutive month of net inflows. Global gold-backed ETF flows are now positive in US dollar terms on the year. The price of gold was little changed (+0.2%) and global assets under management (AUM) rose by 1.1% in US dollars relative to October. Global stock markets remained volatile, although they ultimately ended the month mixed. Oil performance was a key story as the commodity fell more than 22% on the month amidst supply concerns. The US 2/10 Treasury yield curve flattened to near-low prices on the year as investors became concerned that US economic conditions may have peaked and could be showing potential for a recession in either 2019 or 2020. Long-dollar hedged gold is