Gold ETF Flows: Are Investors Buying or Selling Gold?
Net flows into 9 physically backed US gold ETFs, led by GLD and IAU. A flow is the change in shares outstanding times the fund's price, so a move in gold itself never counts. The 13-week flow is scored against the same funds over the prior three years.
Latest reading
In the provisional week from October 2, 2026 to October 5, 2026, the 9 physically backed US gold ETFs we track took in $593 million. Over 13 weeks they took in $6.7 billion, a z-score of +0.39 against the prior three years (normal, inside the ±2 lines that mark an extreme quarter). Since January 1 the funds took in $5.0 billion, and they hold $252.9 billion of gold at October 5, 2026 prices.
Sources, methodology & freshnessShares outstanding and unadjusted closes for nine physically backed US gold ETFs (Massive); GLD closes · Daily after market close (weekly series, provisional between Fridays)Data as of 2026-10-05 · Open ↓Close ↑
z-score of the 13-week net flow against the prior three years. ±2 marks an extreme quarter.
Weekly flows into gold ETFs
Each week's net flow in billions of dollars (faint) and its 13-week average (dark), with GLD above on a log scale for the gold price. The latest week took in $593 million; the heaviest 13 weeks of buying on this record ended February 13, 2026 (+$22.4B), and the heaviest selling ended June 5, 2026 (−$12.0B).
The 13-week flow against its own history
The headline reading: the 13-week flow as a z-score against the prior 156 weeks. The shaded bands mark the extremes beyond ±2. At +0.39, the latest reading sits at the 61th percentile of every week since 2013.
Cumulative flows since 2012
Every weekly flow added up from August 3, 2012. Over the whole record the funds took in a net $59.5 billion, while the price chart above shows how much of their asset growth came from gold itself.
The 2026 episode: who bought the peak, who sold the decline
GLD set its record close on January 29, 2026 at $495.90, fell to a low on July 16, 2026 and rallied into August 25, 2026. The turning points are found from GLD's daily closes; each window counts the weeks ending inside it, so flow totals start and stop on Fridays. From three months before the peak to the record close, GLD moved +36.1% and the funds took in $20.3 billion. From the record close to the low, GLD moved −26.4% and the funds lost $8.1 billion. From the low to the rally high, GLD moved +17.3% and the funds took in $2.5 billion. From the rally high to the latest close, GLD moved −11.3% and the funds took in $4.5 billion. Only GLD and GLDM report a new share count most weeks in our source; the other 7 funds' counts changed in at most 4 of the last 25 weeks, so their flows land in the week a count finally moves. The GLD + GLDM column times the flow to the week.
| Window | Dates | GLD | Net flow, all funds | % of assets | GLD + GLDM only |
|---|---|---|---|---|---|
| Into the January peak | Oct 28 to Jan 29 | +36.1% | +$20.3B | +8.9% | +$15.1B |
| Peak to the summer low | Jan 29 to Jul 16 | −26.4% | −$8.1B | −2.7% | −$7.4B |
| The August rally | Jul 16 to Aug 25 | +17.3% | +$2.5B | +1.0% | +$5.7B |
| Since the rally high | Aug 25 to Oct 5 | −11.3% | +$4.5B | +1.7% | +$4.4B |
| Month (2026) | GLD | Net flow, all funds | GLD + GLDM only | Weeks |
|---|---|---|---|---|
| January | +12.3% | +$6.2B | +$5.2B | 5 |
| February | +8.7% | +$3.0B | +$1.2B | 4 |
| March | −11.1% | −$2.4B | −$2.3B | 4 |
| April | −1.5% | −$483M | −$380M | 4 |
| May | −1.5% | −$3.8B | −$1.4B | 5 |
| June | −11.7% | −$4.2B | −$4.3B | 4 |
| July | +0.9% | +$457M | +$430M | 5 |
| August | +9.9% | +$1.8B | +$5.0B | 4 |
| September | −6.8% | +$3.9B | +$3.8B | 4 |
| October (to date) | −0.3% | +$559M | +$559M | 2 |
Monthly flows count the weeks ending in each month; GLD's change runs from the prior month's last close. For the futures side of the same months, see gold futures positioning.
What did gold do after extreme flows?
Every week the 13-week z-score first reached +2 or −2 since 2013, with a new episode allowed only 63 sessions after the last, graded against GLD's return from every session over the same years. After the 3 graded extreme quarters of selling, GLD's median three-month return was +3.6%, above the +2.2% from any session, and it was higher 3 times out of 3. After the 5 graded extreme quarters of buying, GLD's median three-month return was +6.6%, above the +2.2% from any session, and it was higher 3 times out of 5. With 3 selling and 5 buying episodes, read these as patterns. They are too few to be forecasts.
After extreme selling (z of −2 or lower)
| GLD after | Episodes | Median | Higher | Any session: median | Any session: higher |
|---|---|---|---|---|---|
| 1 month | 3 | +5.1% | 2 of 3 | +0.4% | 54% |
| 3 months | 3 | +3.6% | 3 of 3 | +2.2% | 61% |
| 6 months | 2 | +1.9% | 2 of 2 | +4.0% | 65% |
| 12 months | 2 | +11.3% | 2 of 2 | +6.8% | 66% |
| Selling episode | z-score | 13-week flow | 1 month | 3 months | 6 months | 12 months |
|---|---|---|---|---|---|---|
| June 5, 2026 | −2.21 | −$12.0B | −5.5% | +2.7% | pending | pending |
| April 9, 2021 | −2.01 | −$10.0B | +5.4% | +3.6% | +0.6% | +10.5% |
| January 6, 2017 | −2.05 | −$6.2B | +5.1% | +6.9% | +3.3% | +12.1% |
After extreme buying (z of +2 or higher)
| GLD after | Episodes | Median | Higher | Any session: median | Any session: higher |
|---|---|---|---|---|---|
| 1 month | 5 | +0.5% | 3 of 5 | +0.4% | 54% |
| 3 months | 5 | +6.6% | 3 of 5 | +2.2% | 61% |
| 6 months | 5 | +12.1% | 5 of 5 | +4.0% | 65% |
| 12 months | 5 | +10.4% | 4 of 5 | +6.8% | 66% |
| Buying episode | z-score | 13-week flow | 1 month | 3 months | 6 months | 12 months |
|---|---|---|---|---|---|---|
| September 26, 2025 | +2.08 | +$12.2B | +5.8% | +20.2% | +19.6% | +10.4% |
| March 21, 2025 | +2.40 | +$9.6B | +11.7% | +11.7% | +23.9% | +45.1% |
| April 10, 2020 | +2.07 | +$7.6B | +0.5% | +6.6% | +12.1% | +2.3% |
| August 16, 2019 | +2.21 | +$6.1B | −0.8% | −3.0% | +5.7% | +30.6% |
| March 4, 2016 | +2.23 | +$6.1B | −2.4% | −1.4% | +3.9% | −3.2% |
Fund by fund
Each fund's assets and net flows, largest first. GLD and IAU hold 80% of the assets tracked here. Over the latest 13 weeks the funds together took in $6.7 billion.
| Fund | Assets | Latest week | 13 weeks | Year to date | Count updates |
|---|---|---|---|---|---|
| GLD | $140.6B | +$266M | +$7.1B | +$1.1B | 22 of 25 · Oct 2 |
| IAU | $61.4B | $0 | −$3.1B | −$3.9B | 2 of 25 · Aug 14 |
| GLDM | $30.5B | +$328M | +$2.7B | +$6.8B | 20 of 25 · Oct 2 |
| SGOL | $6.9B | $0 | −$163M | −$121M | 1 of 25 · Aug 21 |
| IAUM | $6.6B | $0 | +$61M | +$801M | 2 of 25 · Aug 14 |
| OUNZ | $2.7B | $0 | +$115M | +$354M | 2 of 25 · Sep 18 |
| AAAU | $2.5B | $0 | $0 | +$136M | 1 of 25 · May 22 |
| BAR | $1.3B | $0 | −$50M | −$42M | 2 of 25 · Aug 28 |
| FGDL | $0.4B | $0 | −$2M | $0 | 4 of 25 · Aug 7 |
Flows are weekly changes in shares outstanding times the closing price, restated across share splits, so changes in the gold price are excluded. “Count updates” is how many of the last 25 weeks brought a new share count, and the date of the latest; a fund whose count sits unchanged books its flows in the week it next moves. Miners, futures funds, leveraged funds and option-income products are left out. Assets are shares times the latest close. For the longer study of gold's declines, see gold: buying opportunity or deeper decline?
z-score of the 13-week net flow against the prior three years. ±2 marks an extreme quarter.
How Gold ETF Flows Works
- 1Track the funds that hold bullionThe tracker covers the US-listed ETFs that hold physical gold in a vault: GLD, IAU, GLDM, SGOL, IAUM, OUNZ, AAAU, BAR and FGDL. Miners, futures funds, leveraged funds and option-income products are left out because their shares do not map to metal held.
- 2Measure flows from share countsA gold ETF grows when authorized participants deliver gold and receive new shares, and it shrinks when they redeem shares for gold. Every Friday we record each fund’s shares outstanding and multiply the weekly change by the fund’s closing price. A rise in the gold price lifts the fund’s assets but creates no shares, so it shows no flow.
- 3Sum 13 weeks and compare with the prior three yearsThe headline is the net flow over the last 13 weeks, scored as a z-score against the same measure over the previous 156 weeks. A dollar of flow means more when the funds are small, and gold ETF assets have risen several times over with the gold price, so the z-score asks whether this quarter is unusual for the same funds in recent years.
- 4Grade the extremes against gold’s own recordA reading of 2 or more marks an extreme quarter of buying, and −2 or less an extreme quarter of selling. The page lists every one, with a new episode allowed only 63 sessions after the last, and compares what GLD did next with its return from every session in the same years.