Query is demand waning?
No, global demand for gold is not waning; it actually hit record highs in 2025, with total demand exceeding 5,000 tons for the first time. While high prices have reduced jewelry consumption in some regions, robust investment demand, including strong ETF inflows and continued central bank purchases driven by geopolitical and economic uncertainties, continues to drive record-high interest.
The new risk is the rest of the US markets. If US markets fail, the investments in gold and gold ETFs will falter and fall.
Query how much money is in Gold ETFs?
As of early 2026, global physically backed gold ETFs hold a record-breaking amount of assets under management (AUM), surging to roughly $559 billion to $669 billion, with holdings peaking over 4,000 tonnes. Record-high gold prices and significant investor demand in North America and Asia have driven this rapid accumulation.
** Total Market Value: Reports from January and February 2026 indicate AUM hit unprecedented levels, with some figures exceeding $669 billion.*
** Key Funds: The largest, SPDR Gold Shares (GLD), holds over $159 billion, with other major funds including iShares Gold Trust (IAU) and SPDR Gold MiniShares (GLDM).*
** Recent Flows: Investors added $19 billion in January 2026 alone.*
** Top Holdings: Total holdings in gold ETFs have reached a historic peak of over 4,100 tonnes.*
Note: Data reflects rapid growth in 2025-2026, with figures fluctuating based on daily gold prices and trading volumes.
4000 tonnes is a lot of excess gold. All boats rise and fall with the tides.