UK investors lead record European gold ETF buying as multi-asset fund managers add gold and miners

European gold ETFs took in $3.6bn in September, "extending Q3 buying to a record US$14bn", and "The UK remained the largest contributor, adding US$2.2bn during the month" (World Gold Council, 7 October). Globally, gold ETFs attracted $10bn in September, and holdings rose to a record 4,256 tonnes.

UK and European multi-asset fund managers have been adding too. Omnis Investments says of its Managed Funds: "The team added exposure to global mining companies, reflecting its positive outlook for commodities" (6 October). The funds are "modestly overweight global equities and commodities and slightly underweight fixed income", and "Gold continues to provide a hedge against persistent inflation and concerns about central bank credibility."

Pacific Asset Management's multi-asset team, led by CIO Will Bartleet, "added to our position in Gold" in August, describing it as "an effective diversifier against currency debasement". Its gold miners holding rose 37% over the period (monthly commentary, 14 September).

Swiss manager Zugerberg Finanz raised gold to 4.0% in its lowest-risk mandates: "In der Risikoklasse 1 ist die Goldquote auf 4% erhöht worden" ("In risk class 1 the gold allocation has been raised to 4%"; September report).

Quintet Private Bank maintains "a tactical overweight to gold" in its flagship core discretionary portfolios (Counterpoint, 6 October).