Gold Investment Trends and Market Implications Reflected by the New Issuance of Amundi Physical Gold ETC

The issuance of 6000 new securities by Amundi Physical Gold ETC needs to be interpreted in the context of the overall trend of the global gold ETF market. According to Bloomberg data, as of the end of November 2025, global gold ETF holdings reached 3932 tons, growing for six consecutive months and hitting a periodic high [1]. For physically-backed ETF/ETC products, the issuance of new securities is directly related to investor inflows—when investors buy such products, the issuer needs to create new securities and use the raised funds to purchase additional physical gold [0]. Therefore, Amundi’s new issuance indicates a net inflow into its Physical Gold ETC, consistent with the global demand trend for gold investment instruments.

This action reflects underlying drivers including: investors’ preference for physical gold instruments (to avoid futures counterparty risk) [0], safe-haven demand triggered by geopolitical tensions (such as the U.S.-Venezuela oil dispute) [4], and enthusiasm for gold allocation driven by expectations of Fed interest rate cuts [4]. The superposition of multiple factors has led to a sustained increase in demand for gold investment instruments, and Amundi’s issuance is a concrete manifestation of this trend.

1. Upgraded Preference for Physical Gold Instruments
   : As a well-known European asset management company, the new issuance of Amundi’s ETC product verifies investors’ favor for physically-backed instruments in gold investment. Compared with other gold investment methods, physically-backed ETC/ETFs provide more direct exposure to gold prices and do not have the rollover risk of futures contracts. This upgraded preference reflects investors’ higher requirements for asset safety [0].

2. Linkage Effect of Macroeconomic Factors
   : Gold prices are highly correlated with the Fed’s monetary policy. Under expectations of interest rate cuts, gold’s attractiveness as an interest-free asset increases. At the same time, the continued existence of geopolitical risks further strengthens gold’s safe-haven property. Amundi’s new issuance happens to be in the superposition period of these two major macro factors, reflecting investors’ optimistic expectations for the future gold market [4].

3. Leading Indicator Significance of ETF Capital Flows
   : The issuance activities of gold ETFs can serve as a leading indicator of capital flows. Amundi’s new issuance indicates that the demand for gold investment in the European market remains strong. Combined with the continuous growth of global gold ETF holdings, it suggests that the capital inflow trend in the gold market may continue in the short term [1].

• Monetary Policy Shift Risk
  : If expectations of Fed interest rate hikes rise, gold prices may face downward pressure, which in turn affects capital inflows into gold ETFs [4].
• Geopolitical Risk Mitigation
  : If geopolitical issues such as the U.S.-Venezuela dispute are resolved, the safe-haven demand for gold may weaken, leading to capital outflows from ETFs [4].

• Gold Price Support
  : The physical gold purchase behavior of ETFs/ETCs will directly increase demand for gold, providing support for gold prices. Recently, gold prices have reached a record high, and sustained inflows into ETFs may push gold prices further up [1][4].
• Development of Gold Investment Instruments
  : Investors’ preference for physically-backed gold products provides opportunities for asset management companies to issue similar products, which may promote further expansion of the gold ETF/ETC market [0].

The issuance of 6000 new securities by Amundi Physical Gold ETC is a continuation of the global gold ETF inflow trend for six consecutive months, reflecting investors’ preference for physical gold instruments, geopolitical safe-haven demand, and enthusiasm for gold allocation under expectations of Fed interest rate cuts. This action supports gold prices and verifies the sustained positive capital flow of ETFs. Investors should pay attention to changes in monetary policy and geopolitical situations to assess the long-term trend of the gold market.

It should be noted that this report only provides market background and analysis and does not constitute any investment advice.