Global gold-backed exchange-traded funds (ETFs) and similar products had $19.2-billion, or 400 t, of net inflows in 2019 after holdings rebounded in December, the World Gold Council (WGC) reports.
Collective ETF holdings reached all-time highs of 2 900 t in the fourth quarter.
Overall, global gold-backed assets under management (AUM) grew by 37% in dollar terms during the year as a result of positive demand, combined with an 18.4% increase in the gold price.
From a regional perspective, North American funds had inflows of 206 t ($10.1-billion, 14.4% AUM). The WGC points out that low-cost gold-backed ETFs in the US have seen positive flows for 18 of the past 19 months and increased their collective holdings by 60%.
Holdings in European funds increased by 188 t ($8.8-billion, 13.6%), while funds listed in Asia were nearly flat, losing 0.1 t ($12-million, 0.3%).
All other regions had combined inflows of 6.3 t ($311-million, 16.3%).