The gold holdings of Xetra-Gold (ISIN: DE000A0S9GB0) have decreased in the first half of 2024. They now amount to 175,5 tonnes, signifying a contraction of 23.2 tonnes over the year.
At the beginning of 2024, the holdings were still 198.7 tonnes of gold. Over a period of five years, the holdings have decreased by 18.8 tonnes, while the gold price per gram in euros has risen by 75 per cent overall.
“In the last half-year, there were primarily outflows of gold securities in North America and Europe, as many investors sold their shares at peak levels. At the same time, the global gold buying frenzy among central banks continues, especially in Asia. This drives the gold price to ever new highs – to the disadvantage of investors, who are now bypassed by the gold price rally.
We see that, especially due to the recent interest rate decision of the European Central Bank, Xetra-Gold is again recording inventory increases. While a trend reversal is not yet certain, gold remains a long-term portfolio protection and should make up five to ten per cent of a private investor’s portfolio,” says Steffen Orben, Managing Director of Deutsche Börse Commodities, issuer of Xetra-Gold.
Xetra-Gold is the fifth-largest gold Exchange Traded Commodity (ETC) in the world and the largest in Continental Europe with physical backing. The holdings increase whenever investors buy Xetra-Gold shares on the stock exchange. For each share, exactly one gram of gold is deposited in the central vault. The assets under management of Xetra-Gold amounted to €12.3 billion at the end of the first half of 2024. Xetra-Gold investors also have the right to delivery of the physical gold represented by their shares.
Since Xetra-Gold was introduced in 2007, investors have made use of this right 1,841 times. A total of 7.9 tonnes of gold were delivered.
In September 2015, the Federal Fiscal Court decided that profits from the sale or redemption of Xetra-Gold are not subject to withholding tax after a minimum holding period of one year. Therefore, the purchase and redemption or sale are taxed in the same way as the direct purchase or sale of physical gold – such as, for example, gold bars or gold coins.
