Xetra-Gold holdings slightly decline to 227 tonnes

The gold holdings of the exchange-traded bearer bond Xetra-Gold (ISIN: DE000A0S9GB0) decreased slightly to 227 tonnes as of 30 June 2023. This is a reduction of four tonnes compared to the beginning of the year. At the beginning of January 2023, the volume was at 231 tonnes of gold. Xetra-Gold is thus the leading physically backed gold security in Europe.

Xetra-Gold holdings always increase whenever investors buy Xetra-Gold shares on the stock markets. For each share certificate, exactly one gram of gold is deposited in the central vault. Xetra-Gold’s assets under custody amounted to €12.8 billion at the end of the first half-year.

„In the light of possible further adjustments of interest rates, pressure on the gold price is expected to increase. The slight decline of volumes compared to the beginning of the year may be explained by profit takings in this context. However, many investors fear a recession, which is technically already there. This speaks for gold as a save haven. Further the current price level just after a three-months low might be interpreted as a possibility for entry”, says Michael König, Managing Director of Deutsche Börse Commodities GmbH, the issuer of Xetra-Gold.

Xetra-Gold investors are entitled to the delivery of the securitised physical gold. Since the launch of Xetra-Gold in 2007, investors have made use of this right 1,786 times. To date, 7.8 tonnes of gold have been delivered.

In September 2015, the German Federal Fiscal Court determined 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. Thus, the purchase and redemption or selling of Xetra-Gold is to be assessed for tax purposes as a direct purchase and sale of physical gold – such as gold bars or gold coins.