Tuesday, February 17, 2009
Inventory at the SPDR Gold Shares ETF (NYSEArca:GLD) passed the one thousand tonne mark today in what is the most rapid increase since the fund was launched in 2004.
Today's 23 tonne increase was the sixth day in a row of additions making for a whopping 229 tonnes added during just the first seven weeks of 2009 - that's almost a quarter of the funds entire holdings.
The annualized rate of the year-to-date additions is a mind-boggling 1,780 tonnes!
For anyone wondering whether lower jewelry demand might impact the price of gold, it appears as though investor demand is picking up all the slack, and then some.