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Exchange traded funds that offer exposure to the price of gold (XAUUSD:CUR) have attracted investor capital over the past week, as the precious metal hovers near all-time trading highs.
Amid concerns about the banking sector and the Federal Reserve's interest rate policy, gold currently sits above $2,000/oz and is knocking on the door of its all-time trading high of $2,072.50. This comes as the yellow metal has climbed 11.2% during 2023 and has jumped 25% since its November 2022 trading low.
In this environment, gold-related exchange traded funds have seen an influx of cash over the past trading week. In total, 15 funds together amassed just under $1B worth of capital flows. Listed below are 15 gold-focused ETFs that combined were able to garner $981.46M over the past week, along with the individual fund inflow for each (ETF flow data is from Bloomberg):
No. 15: VanEck Merk Gold Trust ETF (OUNZ) +$1.98M.
No. 14: U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) +$2.04M.
No. 13: Direxion Daily Gold Miners Index Bull 2X Shares ETF (NYSEARCA:NUGT) +$2.10M.
No. 12: Sprott Gold Miners ETF (SGDM) +$3.09M.
No. 11: GraniteShares Gold Trust ETF (BAR) +$3.99M.
No. 10: iShares MSCI Global Gold Miners ETF (RING) +$4.15M.
No. 9: ABRDN Physical Precious Metals Basket Shares ETF (GLTR) +$4.69M.
No. 8: Goldman Sachs Physical Gold ETF (AAAU) +$9.89M.
No. 7: iShares Gold Trust ETF (NYSEARCA:IAU) +$15.46M.
No. 6: Direxion Daily Junior Gold Miners Index Bear 2X Shares ETF (JDST) +$18.24M.
No. 5: ABRDN Physical Gold Shares ETF (SGOL) +$19.14M.
No. 4: Direxion Daily Gold Miners Index Bear 2X Shares ETF (DUST) +$20.94M.
No. 3: VanEck Gold Miners ETF (NYSEARCA:GDX) +$48.79M.
No. 2: SPDR Gold MiniShares ETF (GLDM) +$104.32M.
No. 1: SPDR Gold Shares ETF (NYSEARCA:GLD) +$819.84M.
Perhaps surprisingly, the SPDR Gold Shares ETF (GLD) got the highest inflows, despite having a higher expense ratio than other, essentially identify, gold ETFs.
GLD has an expense ratio of 0.40%. That's significantly higher than the two cheapest gold ETFs, the SPDR Gold MiniShares ETF (GLDM) which has an expense ratio of 0.10% and the iShares Gold Trust Micro ETF (IAUM) which has an expense ratio of 0.09%.
Among other factors, Seeking Alpha grades ETFs on Expenses. The Expenses grade is determined by the ETF's expense ratio and the average bid/ask spread. GLD gets an Expenses grade of C+, compared to A- for GLDM and A for IAUM, the gold ETF with the lowest expense ratio.
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Gold miners show strength as gold nears all-time high