Where Data Tells the Story
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In H1 2026, Asian physically backed gold ETFs attracted US$12.0 billion of net new money—the region’s strongest first half on record. North America was the only region with net outflows, at US$7.7 billion. Europe added US$3.2 billion and other regions added US$0.1 billion, leaving the global total at US$8 billion. The point is not that Asia owns more gold. It is that the largest regional source of new ETF demand was Asia while North American investors were net sellers. These are fund flows: the net cash put into or withdrawn from World Gold Council-tracked physically backed gold ETFs and similar products.