Is it the delicate reading of the global geopolitical environment, in the run-up to the inauguration of Donald Trump, which made European investors want to strengthen their position in the safe haven asset par excellence? Last week, gold-backed exchange-traded products (ETPs) saw an influx of 1.2 billion euros, according to Trackinsight data. Since the start of the year, collections have reached 1.6 billion, marking a performance of 4.8%.
It is in the first place the BlackRock vehicle, the iShares Physical Gold ETC – USD (ISIN: IE00B4ND3602), which has benefited with nearly 700 million euros in collections since the 1is January. At the end of last week, its outstanding amount slightly exceeded the product which until now had dominated this market, Invesco Physical Gold USD ETC – USD (ISIN: IE00B579F325). This sudden appetite for the asset class contrasts in any case with the massive hemorrhage of recent years: outflows recorded by gold ETPs had exceeded 10 billion euros in 2023, followed by redemptions for more than 5 billion additional last year, despite an annual performance of 33%.
Beyond that, the week’s collection continues to be dominated by ETFs in global stocks (2.3 billion) and in particular American stocks (2.1 billion), compared to 830 million for European stocks in the broad sense. Bond ETFs also remain behind, with just under 840 million inflows. Since the start of the year, almost 17 billion euros have already flowed into European ETFs.
