Insights

2024 Gold ETF Impact Study

What’s driving gold demand? Will gold investing trends continue? Tap into the latest gold investor study from State Street Global Advisors to find out.

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Did you know? 84% of high net worth (HNW) gold ETF investors say gold ETFs have improved the overall performance of their investment portfolios.¹

We surveyed more than 3,000 investors on gold familiarity, product preferences, and the overall value gold has in a portfolio. What did they say? Find out.

Get the Survey Results (PDF)

Findings from Our 2024 Gold ETF Impact Study

Gold Rush: HNW Investor Adoption Has Continued to Climb

The number of HNW investors who said they currently have gold in their investment portfolios increased significantly over the past 15 months — jumping from 20% to 38%. And among this segment, the average gold allocation has grown from 14% to 21%.

Does this rapidly growing investor base plan to change their allocation in the near future?

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Striking Gold: Gold ETFs and Gold Bullion Most Popular

While gold bullion ranks as the most popular way investors hold gold, nearly half (44%) of HNW gold investors and more than one-quarter (26%) of emerging affluent gold investors said they own gold ETFs.

What factors are drawing investors to gold ETFs?

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Key to Unlocking Gold Ownership: Financial Advisors

Among advised HNW investors, many of those who said they hold gold say their financial advisor (FA) plays a critical role in that investment by:

Discussing gold with them (91%)
Explaining the benefits of gold (88%)
Informing them about the different ways they can invest in gold (86%)
Recommending gold for the long term (82%)

And 90% of gold ETF investors said their advisor recommended a gold ETF because it was the “best way to invest in gold” — highlighting the significant role advisors can play in educating investors and helping them with allocation decisions.

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The Gold Standard: Gold ETFs May Positively Impact Portfolio Performance

Across emerging affluent and HNW investors surveyed, the majority agree that gold ETFs have improved the performance of their portfolios (77% and 84%, respectively).

And, 69% of HNW gold investors agree that gold ETFs are the best way to invest in gold.

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Millennial Investors Are Going for Gold

Among HNW investors, significantly more millennials (61%) said they have gold in their investment portfolios than Gen X (35%) and boomer (20%) investors. And their average gold allocation is greater, too: 29% compared to Gen X (13%) and boomers (10%).

Which types of gold investments do HNW millennials hold?

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Crypto: Good as Gold?

Investors surveyed perceive gold and crypto to be complementary asset classes, not competitive. HNW investors who hold both gold and crypto say they play distinct roles in their portfolios:

Gold is most used by surveyed repondents as a safe haven* or hedge for market corrections and recessions, market volatility, and inflation.
Crypto is most used by surveyed respondents for its short-term growth potential and exposure to technological innovation.

According to the study, both gold and crypto are being used for their long-term growth potential.

How do recent adoption rates for gold and crypto compare?

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What Else Is Covered?

Our 2024 Gold ETF Impact Study reveals what’s on the minds of US gold investors — from emerging affluent and HNW investors to financial advisors. And it’s jam-packed with insights like:

Top reasons investors hold gold
Perceived benefits of gold
Trends in current and planned gold allocations
Criteria investors consider when selecting gold ETFs
The role gold ETFs play in investment portfolios
And much more!

Don’t delay — dig into our study’s findings today.

Download Study (PDF)

Invest in SPDR Gold ETFs

About the Study

The State Street Global Advisors Research Center, in partnership with field partners A2Bplanning and Prodege, conducted a US online survey in July and August 2024 among a random sample of survey participants to assess the attitudes and behaviors around investing in gold and gold ETFs.

Data was collected from the following:

1,502 high net worth investors with $250K or more in investable assets

1,500 emerging affluent investors with $50K-$249K in investable assets

299 financial advisors with $50M or more in assets under management

This survey further builds on research conducted with individual investors in March and April 2023. For the 2024 Gold ETF Impact Study, State Street Global Advisors Research Center expanded the scope to include emerging affluent and financial professionals.

Footnotes

Disclosures

Important Risk Information

Investing involves risk including the risk of loss of principal.

The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s express written consent.

All information is from SSGA unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.

The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor.

This communication is not intended to be an investment recommendation or investment advice and should not be relied upon as such.

Investing involves risk, and you could lose money on an investment in each of SPDR® Gold Shares Trust (“GLD®” or “GLD”) and SPDR® Gold MiniShares® Trust (“GLDM®” or “GLDM”), a series of the World Gold Trust (together, the “Funds”).

Commodities and commodity-index linked securities may be affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, or political and regulatory developments, as well as trading activity of speculators and arbitrageurs in the underlying commodities.

Frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs.

Diversification does not ensure a profit or guarantee against loss.

Investing in commodities entails significant risk and is not appropriate for all investors.

Important Information Relating to GLD® and GLDM®:

GLD and the World Gold Trust have each filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for GLD and GLDM, respectively. Before you invest, you should read the prospectus in the registration statement and other documents each Fund has filed with the SEC for more complete information about each Fund and these offerings. Please see each Fund’s prospectus for a detailed discussion of the risks of investing in each Fund’s shares. The GLD prospectus is available by clicking here, and the GLDM prospectus is available by clicking here. You may get these documents for free by visiting EDGAR on the SEC website at sec.gov or by visiting spdrgoldshares.com. Alternatively, the Funds or any authorized participant will arrange to send you the prospectus if you request it by calling 866.320.4053.

None of the Funds is an investment company registered under the Investment Company Act of 1940 (the “1940 Act”). As a result, shareholders of each Fund do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act. GLD and GLDM are not subject to regulation under the Commodity Exchange Act of 1936 (the “CEA”). As a result, shareholders of each of GLD and GLDM do not have the protections afforded by the CEA.

Shares of each Fund trade like stocks, are subject to investment risk and will fluctuate in market value.

The values of GLD shares and GLDM shares relate directly to the value of the gold held by each Fund (less its expenses), respectively. Fluctuations in the price of gold could materially and adversely affect an investment in the shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the gold represented by them.

None of the Funds generate any income, and as each Fund regularly sells gold to pay for its ongoing expenses, the amount of gold represented by each Fund share will decline over time to that extent.

The World Gold Council name and logo are a registered trademark and used with the permission of the World Gold Council pursuant to a license agreement. The World Gold Council is not responsible for the content of, and is not liable for the use of or reliance on, this material. World Gold Council is an affiliate of the Sponsor of each of GLD and GLDM.

MiniShares® is a registered trademark of WGC USA Asset Management Company, LLC used with the permission of WGC USA Asset Management Company, LLC. GLD® and GLDM® are registered trademarks of World Gold Trust Services, LLC used with the permission of World Gold Trust Services, LLC.

For more information, please contact the Marketing Agent for GLD and GLDM: State Street Global Advisors Funds Distributors, LLC, One Iron Street, Boston, MA, 02210; T: +1 866 320 4053 spdrgoldshares.com