America No Longer Holds the Majority of Gold ETF Investments. Where Is the Money Going?

US-listed gold funds now hold less than half of the gold tracked across the worldwide ETF sector, according to analysis published by BullionVault on 13 October. Their share has fallen to 49.6%, from 51.9% at the start of 2026.

The change points to a broader geographic spread of gold investment through funds. Asia contributed the largest share of net growth in holdings over the year to September, while Europe led dollar inflows during the third quarter.

The headline needs an important qualification. These figures classify funds by where they are listed. They do not establish the nationality of their investors or show that America owns less than half of all investment gold.

—

What has changed in the US share

BullionVault’s analysis of World Gold Council data describes 49.6% as a record-low share for US-listed funds in the global gold ETF sector.

That is a decline of 2.3 percentage points from the start of the year. It is a change in relative market share, rather than evidence that US investors have abandoned gold.

A share can fall even when holdings increase. Imagine one market holds 50 tonnes out of a worldwide total of 100. If its holdings rise to 55 tonnes but the global total rises to 120, its share falls from 50% to approximately 45.8%. These figures are illustrative, not actual regional holdings.

The US remains a substantial part of the ETF market. Moving below 50% means funds listed elsewhere collectively hold more, rather than any single other region necessarily overtaking it.

—

Asia contributed nearly half the annual growth

BullionVault calculated that worldwide gold ETF holdings increased by a net 402 tonnes over the 12 months to the end of September. Asian-listed funds accounted for 48.5% of that increase, compared with 29.8% for US-listed funds and 20.4% for European funds.

Those percentages measure contributions to the increase in tonnes held. They are not each region’s share of total holdings or investment dollars. The remaining growth came from other markets.

This distinction matters when interpreting the question of where the money is going. A market can contribute heavily to new buying while still having a smaller existing stock of gold than another market.

The figures also do not demonstrate that money was directly transferred from American funds to Asian funds. Separate purchases and sales across regions can change the global balance without investors switching between them.

—

Europe led the most recent quarter

The World Gold Council’s September ETF report, published on 7 October, provides a different view of the same market.

During Q3, European-listed funds attracted US$14 billion, compared with US$12 billion in North America and US$4.9 billion in Asia. UK-listed funds contributed US$7.5 billion, their strongest quarter on record.

Asia’s leading contribution to annual holdings growth and Europe’s leading quarterly dollar inflows can both be true. The comparisons use different periods and measures. North America also includes Canada, so it should not be treated as identical to the United States.

The Council reported September inflows across Asian markets, including China, India, Japan, South Korea, and Singapore. China was the region’s largest contributor.

—

Why investors in different markets may respond differently

Investors assess gold against the alternatives available to them. Currency movements, domestic interest rates, equity-market conditions and access to investment products can influence those decisions.

The Council identified weakness in Chinese equities and declining government bond yields as supportive conditions for local gold funds. It also discussed possible diversification and price-pullback buying in India. These are explanations of the market backdrop, rather than confirmed motivations for every buyer.

Our guide to how interest rates affect gold prices explains why the income available from bonds and cash can change gold’s relative appeal.

A dollar-price headline also does not describe every investor’s return. A local currency’s movement can amplify or offset changes in the metal. GoldRates’ explanation of gold prices and India’s strengthening rupee illustrates that relationship.

—

More holdings do not guarantee a higher gold price

Worldwide fund holdings reached a record 4,256 tonnes at the end of September, even though gold prices fell during the month. The funds’ combined assets under management declined 7% to US$574 billion.

Tonnes measure the quantity held; assets under management measure value. Falling prices can reduce that value even as funds add metal.

ETF activity is also only part of gold trading. Physical purchases, futures positions and other transactions influence the market. Strong fund buying can coexist with a price decline when other pressures outweigh it.

Readers can follow GoldRates live prices and historical performance alongside periodic fund reports. A report about September holdings is not a live measure of buying on 14 October.

—

What the shift means for readers

The useful conclusion is that gold investment through funds is becoming less concentrated in US listings. Watching American funds alone can miss important activity elsewhere.

For someone comparing gold products, a fund’s listing location should not substitute for checking its structure, fees, custody arrangements, and trading currency. Nor does a growing regional share guarantee stronger future returns.

The next reports will show whether this geographic shift continues. For now, Asia’s contribution to annual growth and Europe’s strong quarter demonstrate why the global ETF market needs to be read across regions, periods and measures.