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  Gold ETFs surpass 1,000 tonnes in September   Gold-backed ETFs and similar products (gold ETFs) recorded their tenth consecutive month of net inflows during September, matching equivalent stretches in 2008 and 2016. Gold ETF holdings increased by 68.1 tonnes (t) (US$4.6bn) or 2.0% of assets under management (AUM) despite gold’s worst monthly price performance since November 2016.   Global net inflows of 1,003t (US$55.7bn) in 2020 have led overall gold investment demand and taken the gold ETF holdings universe to a fresh new all-time high of 3,880t and US$235bn in AUM.     In a Monthly regional overview, gold was one of several major assets, including stocks and broad-based commodities, that started the quarter strongly, reversed course in September, but closed the quarter higher. This was mirrored by a stronger US dollar that finished the quarter nearly 4% lower. North American funds led global inflows once again, up 34.6t (US$2.2bn, 1.8% AUM). After seeing outflows in August,

8% higher over the first two months of the year According to the reported by World Gold Council, after four straight months of inflows, holdings in global gold-backed ETFs and similar products fell in February by 33 tonnes (t) to 2,479t, equivalent to US$1.3bn in outflows. Global assets under management (AUM) fell by 2% in US dollars to US$105bn over the month. However, global gold-backed ETF flows remain positive on the year (US$1.7bn, 2% AUM) on the back of strong inflows in January. The primary driver of global outflows was North American funds, as momentum investors took profits using these, the most liquid of the US-based funds. However, we continued to see inflows into low-cost ETFs, a factor we believe is linked to strategic allocations. Funds in Asia also experienced outflows of 5%, while European and Other regions were flat. We continue to see inflows into UK-based funds, likely driven by Brexit. The 506t of current holdings stands at an all-time high. Net