The latest data reveals a shocking phenomenon in the 2025 commodities ETF market — this is not a "commodities boom" at all, but rather an absolute showcase of gold's dominance.

Numbers speak for themselves: last year, inflows were only $1.3 billion, this year they skyrocketed to $58 billion, a 44-fold increase. But this feast has almost been monopolized by gold. Gold ETFs alone account for $48.5 billion, making up 83.6%. The remaining silver and broad commodity indices received $3-4 billion each, while traditional commodities like energy, industrial metals, and agriculture? Almost no interest, with net outflows instead.

On a global scale, it's even crazier. The World Gold Council data shows global gold ETF inflows reaching $89 billion — North America $50.65 billion, Europe $12 billion, Asia $25 billion. This exceeds the $47-50 billion during the 2020 pandemic risk-off wave, setting a new record. Total assets in global gold ETFs have doubled from the end of last year to $559 billion, with holdings soaring to 4,025 tons — a 25% increase compared to before. Seven consecutive months of net inflows is also the longest on record.

Why is gold so popular? The reasons stack up: ongoing geopolitical tensions — Middle East conflicts, Russia-Ukraine war, tense US-China relations, Venezuela crisis — all signals of risk aversion. The dollar has depreciated by 5%, making gold cheaper when priced in USD. The Federal Reserve has cut interest rates three times this year, with real interest rates falling from 2.5% to 1.8%, reducing the opportunity cost of holding interest-free gold. Plus, the S&P P/E ratio has reached 22, and stock market bubbles are causing investor panic — low correlation with gold makes it an ideal hedge. Finally, gold prices have risen by 27%, hitting 53 new highs, with momentum traders rushing in, creating a self-reinforcing positive feedback loop.

Looking at other commodities, the picture is bleak. Crude oil has fallen 22%, with 59% of institutions holding a bearish outlook, leading to ruthless abandonment of energy ETFs. Industrial metals face collapsing demand from major economies and a real estate crisis, resulting in net outflows. Agricultural products, due to global bumper harvests and weak demand, are even less in focus.

The story for 2025 is clear: it is the age of gold, not the age of commodities.