With China dominating the headlines, other markets received less attention. India saw outflows of about $320 million during the same period. Brandt described that as “not terrible, but not particularly good either,” adding that India-focused funds have “really flown under the radar.”
Gold draws the biggest flowsIn commodities, gold has emerged as the clear favourite. Brandt said gold-related funds are currently seeing the strongest investor interest across the commodity space. This includes both funds that hold physical gold and those that invest in gold-mining companies.
The rush into gold reflects demand for perceived safety at a time of global uncertainty. Investors appear to be using gold as a hedge while cutting exposure to riskier equity markets, especially China.
Copper demand lifts Latin America funds
Beyond gold, copper is also shaping investment flows, particularly in Latin America. Brandt said countries such as Peru, Mexico and Chile are benefiting because of their role as major copper producers.
A key driver is rising demand linked to data centre expansion. “By some estimates, they’re going to need 400,000 tonnes of copper over the next five years,” Brandt said, referring to data centres. This has helped Latin American equity funds attract steady inflows as investors position for long-term growth in infrastructure tied to artificial intelligence and digital services.
Silver flows remain volatile
Silver, however, tells a different story. While prices have been strong, investor flows into silver-focused funds have been inconsistent. Brandt said interest in silver often turns speculative. “There’s something about silver that attracts speculative interest,” he said.
He noted that flows into silver funds can swing sharply from one week to the next, suggesting that many investors remain cautious despite supply tightness and rising industrial use.
For now, gold remains the main beneficiary of global fund flows, while copper is gaining attention through the Latin America route. Silver, despite its recent rally, continues to see a more uneven and nervous investor response.
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Among other emerging markets, Brandt said South Korea attracted the highest inflows. Around $2 billion moved into Korean funds last week, helped by expectations of policy reforms, interest in artificial intelligence-linked companies, and signs that the US may ease its latest tariff threats.
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