Analysis of New Share Issuance for Amundi Physical Gold ETC: Record Inflows and Investment Trends in the Gold ETF Market

Amundi, Europe’s largest asset manager, announced on January 6, 2026 that its subsidiary Amundi Physical Metals plc has completed the issuance of Tranche 801 securities, totaling

[1]. The product is a key component of the Amundi Secured Precious Metal Linked ETC Securities Programme, with each security corresponding to 0.04 troy ounces of physical gold, backed by 100% allocated gold held in HSBC’s London vaults[1].

The newly issued securities have a face value of $5.085, a total expense ratio (TER) of only 0.12%, and a scheduled maturity date of May 23, 2118[1]. These securities will be listed on multiple exchanges including Euronext Paris, Euronext Amsterdam, and the London Stock Exchange[1].

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Global physical gold ETFs recorded the

in September 2025, driving total quarterly inflows to and marking the strongest quarterly performance on record[2][3]. As of November 2025, global gold ETFs had posted six consecutive months of net inflows, with $5.2 billion in net inflows for the month, pushing total assets under management (AUM) to a new record high of [4].

Indicator	2025 Data	YoY Change
Global Gold ETF AUM	$530 billion	5.4% month-over-month growth
Global Gold ETF Holdings	3,932 tonnes	1% month-over-month growth, a new record high
Gold Price	Exceeded $3,700 per troy ounce	~42% increase year-to-date
First-Half Inflows for North American ETFs	$21 billion	Second-strongest year on record

Data Sources: World Gold Council, various research institutions[2][3][4]

The European gold ETF market saw a critical turning point in November 2025. Following consecutive months of outflows, the

[4]. The UK and Germany led the capital inflow reversal in the region, driven primarily by the following factors:

• UK Fiscal Policy Expectations
  : After the release of the Autumn Budget, the market expects easing inflationary pressures and further interest rate cuts by the Bank of England[4]
• Weak Stock Market and Strong Gold Prices
  : Gold performed strongly in local currency terms, prompting investors to shift from risky assets such as equities to gold ETFs[4]
• Safe-Haven Demand
  : Persistent geopolitical uncertainty has led investors to seek portfolio diversification[2]

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Amundi Physical Gold ETC is one of the most influential physical gold ETP products in the European market. As of December 2025, the product has delivered strong performance[5][6]:

Time Horizon	Rate of Return
Year-to-Date (YTD)	+46.51%
1-Year	+46.64%
3-Year	+115.67%
5-Year	+138.28%
Since Inception	+217.01%
Full-Year 2024	+34.49%

Data Sources: justETF, Bloomberg[5][6]

Amundi maintains a leading position in the European physical gold ETC market[5]:

Product Name	Assets Under Management (EUR millions)	Total Expense Ratio
iShares Physical Gold ETC	29,557	0.12%
Amundi Physical Gold ETC	~EUR 1.7 billion (€1.69 billion in net inflows in November)	0.12%
Invesco Physical Gold	25,108	0.12%
Xetra-Gold	21,195	0.00%

Data Sources: ETFGI, justETF[5][7]

According to ETFGI data, Amundi Physical Gold ETC (GOLD FP) recorded cumulative net inflows of

in the first eleven months of 2025, with net inflows of in October alone, delivering outstanding performance among European gold ETF products[7].

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Although the pace of central bank gold purchases slowed in the first half of 2025 (total purchases reached 415 tonnes in H1, down 21% year-over-year), central banks around the world maintained a net buying stance[2][3]. Countries including Poland, Azerbaijan, and Kazakhstan ranked among the top gold buyers in 2025[2]. Emerging market countries such as China and India still have significant room to increase their gold reserves, which provides structural support for gold demand[2].

The core factors driving gold investment demand include[2][8]:

• Monetary Policy Shifts
  : Expectations of interest rate cuts by the Federal Reserve and a weaker U.S. dollar support gold prices
• Fiscal Deficits and Debt Risks
  : Widening fiscal deficits and high government debt levels in the U.S. and Europe have increased safe-haven demand
• Geopolitical Uncertainty
  : Conflicts in Russia-Ukraine and ongoing tensions in the Middle East continue to roil markets
• Portfolio Reallocation
  : Weakening correlations between traditional stocks and bonds have prompted investors to re-evaluate strategic asset allocation (SAA)[2]

Notably, a

emerged between gold price gains and gold ETP holdings in 2025[3]. Gold prices surged from approximately $1,500 per troy ounce at the end of 2019 to over $3,500 per troy ounce in 2025, while gold ETP holdings remained largely flat[3]. This indicates that the current gold price rally is driven primarily by central bank purchases and physical demand, rather than inflows into traditional ETFs[3].

However, data from the World Gold Council shows that

, with investment demand rising 3% year-over-year to 1,249 tonnes in the second quarter, equivalent to $132 billion[3][8].

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The issuance of 84,000 new shares will have the following impacts on Amundi Physical Gold ETC:

1. Enhanced Liquidity
   : The new shares will increase product liquidity and reduce bid-ask spreads
2. Economies of Scale
   : As AUM expands, operational efficiency is expected to further improve
3. Strengthened Market Credibility
   : Continuous expansion reflects the issuer’s confidence in the product’s long-term development

Amundi’s new share issuance reflects the following market trends:

The European ETF industry saw record capital inflows in 2025, with net inflows reaching

in the first three quarters, far exceeding the full-year 2024 figure of $207.8 billion[7]. Against this backdrop, gold ETFs, as an important alternative investment category, continue to gain appeal[7].

With a total expense ratio of 0.12%, Amundi Physical Gold ETC is highly competitive among peer products. Combined with its no-storage-fee structure, it has become an ideal tool for institutional investors to gain exposure to gold[1][5]. The low-cost advantage is particularly important during periods of large-scale capital inflows.

The reversal from outflows to inflows in the European gold ETF market, coupled with sustained strong inflows in the Asian market, indicates an increasingly obvious trend of geographic diversification in gold investment[4]. Amundi’s choice to list the new shares on multiple pan-European exchanges is a response to this trend.

Amundi’s new share issuance can be seen as a microcosm of structural changes in the gold investment market:

1. Elevated Status as a Strategic Allocation Asset
   : Gold is transitioning from a traditional “safe-haven asset” to a “strategic allocation asset”[2]
2. Lowered Investment Thresholds
   : ETC products allow retail investors to participate in physical gold investment with extremely low barriers to entry
3. Continuous Product Innovation
   : Issuers are improving product accessibility by adding new shares and expanding listing venues

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Based on current drivers, the medium-term outlook for the gold market remains positive[2][8]:

• Bullish Factors
  : Sustained central bank gold purchases, expectations of a weaker U.S. dollar, geopolitical risks, concerns over fiscal deficits
• Bearish Risks
  : High gold valuations may trigger corrections, fluctuations in expectations for Federal Reserve policy, weakening physical demand (jewelry demand is suppressed by high prices)

For investors focusing on gold ETF investments, it is recommended to monitor the following indicators:

1. Central Bank Gold Purchase Dynamics
   : The pace of gold purchases by emerging market central banks
2. Changes in Gold ETF Holdings
   : Whether inflows are sustained or net outflows occur
3. U.S. Dollar Trends and Real Interest Rates
   : Core variables that affect the opportunity cost of holding gold
4. Geopolitical Events
   : Unexpected events may trigger safe-haven buying

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The issuance of 84,000 new shares for Amundi Physical Gold ETC is another sign of the continued warming of the gold investment market. Against the backdrop of record-high global gold ETF inflows, reversed demand in the European market, and sustained central bank gold purchases, leading products are expanding to meet market demand, reflecting strong investor demand for physical gold ETFs.

Gold is transitioning from a mere safe-haven asset to a strategic component of investment portfolios. Product innovation and scale expansion by leading issuers such as Amundi will further lower barriers to entry for investors participating in the gold market, promoting the continuous development and maturation of the gold ETF market.

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[1] WebDisclosure - “Amundi Physical Metals plc Issues New Gold-Linked Securities” (https://www.webdisclosure.com/article/amundi-physical-metals-plc-epa-amundi-physical-metals-plc-issues-new-gold-linked-securities-7uPcCLI6dhm)

[2] Amundi Research Center - “Gold Beyond Records 2025: Central Banks & Market Trends” (https://research-center.amundi.com/article/gold-beyond-records)

[3] WisdomTree - “Gold’s Historic 2025 Surge” (https://www.wisdomtree.com/investments/blog/2025/09/17/golds-historic-2025-surge)

[4] World Gold Council - “Gold ETF Flows: November 2025” (https://www.gold.org/goldhub/research/gold-etfs-holdings-and-flows/2025/12)

[5] justETF - “Amundi Physical Gold ETC ©” (https://www.justetf.com/en/etf-profile.html?isin=FR0013416716)

[6] Bloomberg - “Amundi Physical Gold ETC (GOLD:NA)” (https://www.bloomberg.com/quote/GOLD:NA)

[7] ETFGI - “European ETF industry assets reached record high $3.11 trillion” (https://etfgi.com/news/press-releases/2025/11/etfgi-reports-assets-european-etf-industry-reached-record-high-us311)

[8] World Gold Council - “Gold Demand Trends: Q2 2025” (https://www.gold.org/goldhub/research/gold-demand-trends)