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Half-year report: demand for Xetra-Gold picks up significantly in the first half of the year

News 05.07.2021

The gold holdings of the exchange-traded Xetra-Gold bearer bond (ISIN: DE000A0S9GB0) rose to a new record of 233 tonnes as of 30 June. At the turn of the year, the volume was still at 217 tonnes of gold, which corresponds to an increase of 16 tonnes since the beginning of the year. Xetra-Gold is thus the leading physically deposited gold security in Europe.

Gold holdings increase whenever investors buy Xetra-Gold shares via the stock exchange. Each share certificate equals exactly one gram of gold. Xetra-Gold's assets under management also reached a new high of €11.2 billion.

"In the first half of the year, demand for Xetra-Gold picked up again, so that our gold holdings reached a new record of 233 tonnes. We are seeing increased demand from both institutional and private investors," said Michael König, Managing Director of Deutsche Börse Commodities GmbH, the issuer of Xetra-Gold. "In 2020, the volatility of the gold price was slightly higher, but in the first half of the year it was in line with the five-year level. Gold, with its stabilising and diversifying function in investors’ portfolios, is thus proving to be extremely consistent."

Xetra-Gold investors are entitled to delivery of the securitised physical gold. Since the introduction of Xetra-Gold in 2007, investors have made use of it 1,552 times. To date, 6.9 tonnes of gold have been delivered.

In September 2015, the German Federal Fiscal Court announced that gains from the sale or redemption of Xetra-Gold after a minimum holding period of one year would not be subject to withholding tax. The purchase and redemption or selling of Xetra-Gold is thus to be assessed for tax purposes as a direct purchase and sale of physical gold – such as gold bars or gold coins.

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