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ETF gold holdings have grown 152 per cent faster than last year

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Stockpiles of gold held by ETFs increased by around 1,003 tonnes this year, compared to a rise of 398.1 tonnes last year. According to Block-Builders.de, the precious metal is popular not least among German investors, with a total of 393.6 tonnes of the gold held in gold ETFs attributable to fund purchases from Germany. Only Great Britain and the USA are ahead in this respect.

A similar picture emerges for national gold reserves. The USA currently holds 8,133 tonnes of gold. Germany ranks second with 3,362 tonnes, followed by Italy, France and Russia.

Meanwhile, the European Central Bank’s gold reserves have climbed to a record high. In the first half of the year, they amounted to EUR25.63 billion, compared to an equivalent figure of EUR18.19 billion just two years ago.

The price of gold rose from USD1,528 US to USD1,901 at the beginning of the year. Since then, the precious metal has appreciated even further. If investors’ forecasts are correct, this trend still has a way to go. Some 31 per cent of Germans expect gold to outperform other asset classes over the next 3 years. In contrast, 25 per cent see shares as the better investment.

“Precious metals continue to be among the biggest beneficiaries of the crisis,” says Block-Builders analyst Raphael Lulay. “Fresh lockdowns could further fuel an upward trend that is already underway. Gold’s narrative as a crisis currency seems to be ringing true.” 

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