What the growth of PMGOLD tells us about today's investors

Gold prices have made plenty of headlines in recent years. But another story has been unfolding in the background: more Australians are turning to gold as they look to diversify, manage risk and build resilience into their portfolios.

At first glance, PMGOLD's recent growth might look like a story about rising gold prices.

But look a little closer and it's really a story about investor behaviour.

Over the past few years, investors have navigated a steady stream of challenges, from inflation and interest rate uncertainty to geopolitical tensions and market volatility. While no one knows exactly what comes next, many investors appear to be responding in a similar way: by making room for gold in their portfolios.

That trend has been reflected in the growth of PMGOLD, The Perth Mint's ASX-listed gold product.

At 30 June 2026, PMGOLD was backed by 381,724 ounces of gold worth $2.23 billion. Over the previous 12 months, the value of holdings increased by 41.8 per cent, while the volume of gold backing the product grew by 21.7 per cent.

The growth is part of a much longer story. Since launching on the ASX in 2003, PMGOLD has provided investors with a simple way to access the Australian-dollar gold price through a standard stockbroking account. More than two decades later, it remains one of Australia's leading gold exchange traded products.

Of course, people don't invest in gold for exactly the same reasons they buy shares or property.

Gold doesn't pay dividends and it doesn't generate rental income. Instead, many investors see it as a way to diversify risk, help preserve purchasing power over time and add balance to a portfolio when other markets become unsettled.

Recent demand suggests many investors continue to see gold as a long-term holding rather than a short-term trade.

John O'Donoghue, The Perth Mint's General Manager Institutions and Business Solutions, said much of the interest in gold comes down to diversification and peace of mind.

“When markets become unpredictable, people naturally start thinking about ways to protect and diversify their wealth.”

"Gold has played that role for generations, and we're continuing to see strong interest from investors looking to build a more balanced portfolio."

PMGOLD's growth has also coincided with the rapid expansion of Australia's ETF market. During FY2025-26, PMGOLD ranked among the leading gold products for investor inflows and was among the top 10 exchange traded products for overall flows.

For many investors, convenience is also part of the appeal. PMGOLD combines exposure to the gold price with physical gold backing held by The Perth Mint. Investors can also convert their holdings into a Perth Mint Depository account, with the option to redeem for physical bullion. Holdings are supported by the Western Australian Government guarantee, a feature unique to The Perth Mint.

There is rarely a single factor driving demand for gold. Inflation, interest rates, currencies and global events can all influence investor decisions.

But while the reasons may change from year to year, one thing has remained remarkably consistent.

More than 20 years after PMGOLD first listed on the ASX, investors continue to see value in holding gold as part of a diversified portfolio. And in today's increasingly uncertain world, that may be one of the clearest investment trends of all.