Gold ETF Allocations: What the Chart Shows—and What It Misses
Investor allocations to gold ETFs have dropped to historic lows in 2025, with ETF gold holdings now making up less than 2% of portfolios—far below the 6% peak seen during the 2009–2013 bull market. This means, even as gold prices and ETF inflows rise, gold’s share in investment portfolios (as measured by ETFs) is much lighter than in previous cycles.
Important context:
The chart only tracks gold held in ETFs. It does not include:
Physical gold (bars, coins, jewelry) held privately or in vaults
Gold futures or derivatives
Gold mining stocks
Central bank or institutional holdings outside ETFs
So, while ETF data is useful for gauging investor sentiment and liquidity, it doesn’t capture the full picture of global gold ownership. Physical gold, for example, still plays a major role for those seeking a tangible asset, long-term store of value, or a hedge against financial system risks.
Gold ETF allocations are historically low, but this chart overlooks many other forms of gold investment. Investors should keep in mind that the true level of gold exposure is broader than what ETF data alone suggests.
