Thursday, July 03, 2008
The SPDR Gold Shares ETF (NYSEArca:GLD) continues to add to its holdings (see the company's website for details). As of Wednesday, the "tonnes in the trust" for the world's most popular gold ETF increased to 659 tonnes, just short of the record set in March.
The trust now has a net asset value of over $21 billion with average trading volume in excess of 10 million shares per day and has attracted an increasing number of investors in recent weeks.
Relative to many other commodities, the gold price has lagged this year. In fact, with an 11 percent year-to-date gain, the yellow metal is 6th from the bottom in gains this year of the 19 commodities in the Reuters/Jeffries CRB Index.
The recent 61.0 tonne addition over the last 15 trading days parallels the 62.6 tonnes added over a period of 14 days last September.
Two months after the September additions, the gold price had moved almost $150 higher.
Food for thought...