Silver Rises Over 120% YTD 
Gold ETFs recorded their first outflows since December 2024, losing $1.8 billion in May as North America and Asia led a broad sell-off. The outflows ended a five-month winning streak but still leave global gold ETF flows positive at $30 billion for 2025.
The selling was driven by improved U.S.-China trade relations which boosted risk appetite and equity markets while reducing safe-haven demand for gold. North America saw $1.5 billion in outflows while China-led Asian outflows totaled $489 million as trade tensions temporarily eased and local equity markets rebounded.
Europe was the only region with inflows at $225 million, primarily from France where economic uncertainty and renewed tariff threats supported gold demand. Germany and the UK experienced outflows due to reduced trade concerns, though Trump’s later tariff threats on Europe began reversing this trend.
Rising expectations for higher U.S. interest rates by year-end are increasing Treasury yields and the opportunity cost of holding gold, though the World Gold Council suggests current market developments don’t necessarily indicate future weakness for gold ETFs.
