Surge in Gold Prices

The price of gold has shot up nearly 45% since February 2024, reaching $2,927.10 per ounce according to gold.org. Despite this increase, Eric Balchunas, an ETF Analyst at Bloomberg, states that “No one cares” in a post on X.

ETF Performance

During the same period, gold ETFs have virtually stalled. In contrast, spot bitcoin ETFs have seen over $40 billion in net inflows and more than $110 billion in total assets, according to data from sosovalue.com.

Gold ETFs, on the other hand, have experienced a mere 2.17 tons or $203 million in North American net inflows in the past 12 months, based on data from Macro Micro.

Balchunas comments, “Gold has been on fire, a near record start to the year and up 45% in the past 12 months. Yet no one cares. Virtually no flows coming in. The most likely theory is that bitcoin ETFs have stolen all their thunder (and dollars).”