$IAU

Investors withdrew $603M from SPDR Gold Shares (GLD) this week, but most funds flowed into cheaper gold ETFs like GLDM, IAU, and IAUM. Gold ETFs saw record inflows in August, with global holdings reaching 4,189 tonnes. GLD's expense ratio is 0.40%, while others charge less. Gold is trading at $4,347/oz, up from $4,294.

Gold prices have dropped 27% this year, driven by ETF outflows and rising US bond yields. SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) saw significant outflows, while the Roundhill Memory ETF (DRAM) gained assets. Rising bond yields and inflation expectations have reduced gold's appeal. Technical indicators suggest potential recovery, but outflows and yields remain challenges. Spot gold briefly fell below $4,000 but rebounded to $4,093.63.

Gold rebounded in August after falling 25% from a late-January record high to below $4,000 in mid-July. It traded around $4,400 per ounce, up about 8% in under two weeks. UBS forecast gold could reach $5,000 in H1 2027. Drivers cited include easing Treasury yields, a weaker dollar, and central bank buying.

i-80 Gold (TSE:IAU) reported Q2 cash of about $465M (down from $514M in Q1) and Q2 revenue just over $24M. Gold production was ~11,100 oz with ~5,300 oz sold. Management said Granite Creek resource work supports a feasibility study expected in Q3 2026, while Archimedes feasibility is delayed to mid-2027; Lone Tree refurbishment remains on track for first gold by end-2027.

Gold prices rose more than 2% intraday and are testing resistance near $4,200, after a July consolidation, according to the article. It cites Goldman Sachs research that conditions improved after the Fed meeting but gold may not be fully out of risk. A University of Cape Town study says gold’s safe-haven and hedging role weakened post-COVID versus U.S. sectors.

World Gold Council data says global mine output rose 2% YoY to 966 tons in Q2, with first-half production at an all-time high of 1,867 tons. All-in sustaining costs hit a record $1,785 per ounce in Q1. Central-bank purchases rose 62% YoY to 289 tons in Q2, including China and Tether, which added 14 tons of physical gold in its Q2 stockpile of 146 tons valued at $18.8B.

The article compares gold ETFs GLD and GLDM and gold-miner ETF GDX. GLD is down about 7.36% YTD through July 13, 2026, with a 0.40% net expense ratio. It says GLDM has lower fees and has outperformed GLD (19.09% vs 18.76% over 12 months). GDX is down about 14.46% YTD.

Gold ended H1 2026 about 7.5% lower after its worst quarter in 13 years, with volatility rising above 50% during the U.S.-Iran conflict and easing below 30%. Higher rate expectations, rising yields, and a stronger dollar pressured non-yielding gold. World Gold Council said gold could resume near $4,500/oz, with $5,000/oz requiring a strong signal.

VettaFi data show gold ETFs had about $3B net outflows in 1H 2026 and spot bitcoin ETFs about $4B net outflows, despite record total ETF inflows. Gold faced a hawkish Fed, a stronger dollar and falling bullion prices; spot gold slipped below $4,000/oz. In contrast, AI-infrastructure and semiconductor ETFs saw large inflows (e.g., DRAM $17B in Q2).

Gold prices have declined in 2026, with gold down ~6% YTD and over 10% since early June, after rising 64% in 2025. That has pressured gold ETFs including SPDR Gold Shares (GLD) and iShares Gold Trust (IAU), both near flat-to-down since early 2025; SPDR Gold Trust is down ~6% YTD. The article links weakness to rate/inflation outlook and cites BlackRock and Morgan Stanley.