Gold ETF fund flows have been volatile over the past three years with investor demand surging in early 2025 as speculators started to piggy back central bank buying pushing gold to record highs, and driving record ETF inflows, attracting US$35B, more than during COVID. Gold surged above US$5,500 in January of this year as speculators bought the precious metal without thought to risk but 6-months later golds trading ~30% lower and plenty of speculator have undoubtedly been caught.
- 2026 YTD has seen net outflows of approximately US$14.5B from GLD, IAU and SGOL (physical gold ETFs) – a sharp reversal from 2025’s record US$35B inflow.
However, simple mathematics implies there are still ~US$20bn worth of longs waiting/hoping that the precious metal will hold above USD$4,000 and central bank buying will return.
