The gold holdings of the exchange-traded bearer bond Xetra-Gold (ISIN: DE000A0S9GB0) decreased to 198.7 tonnes at the end of the year 2023. This is a reduction of 31.5 tonnes over the course of the year.

At the beginning of 2023, the volume was at 230.2 tonnes of gold. On a five-year view, there is an increase of 9.1 tonnes.

“The way our gold holdings have developed in 2023 is caused by a normal reaction of investors to the market environment. The turnaround in interest rates has created new, short-term yield opportunities. In addition, the gold price in euros was higher than ever before. In our view, however, gold remains an interesting long-term investment with a stable value and is an essential addition to any well-structured portfolio,” says Michael König, Managing Director of Deutsche Börse Commodities GmbH, the issuer of Xetra-Gold.

Xetra-Gold is the fifth-largest gold ETF in the world and 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 €11.9 billion at the end of the year.

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 1,819 times. To date, 7.9 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.

Xetra-Gold is issued by Deutsche Börse Commodities GmbH, a joint venture of Deutsche Börse AG and Commerzbank AG, Deutsche Bank AG, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, B. Metzler seel. Sohn & Co. AG and Vontobel Beteiligungen AG. Umicore AG & Co. KG, a group subsidiary of Umicore S.A., is also involved.