Wikinvest Wire

Yousa! Eleven hundred tonnes in the trust!

Thursday, March 19, 2009

In case anyone was wondering... This graphic only gets updated when the world's most popular gold ETF, SPDR Gold Shares (NYSE:GLD), reaches a new milestone - either a one hundred tonne increment in holdings (amounting to about $3 billion in net assets) or when it passes a country's central bank holdings (GLD passed Switzerland a couple weeks ago).
IMAGE It only seems like this chart appears here a lot because the ETF is adding "tonnes to the trust" at a furious pace - 323 tonnes so far this year, an average of six tonnes per day.

Full Disclosure: Long GLD at time of writing.

8 comments:

Anonymous said...

>because the the ETF is adding "tonnes to the trust" at a >furious pace

Do you mean tonnes of paper gold proxies which may or may not be reliably linked to gold? What are the odds that some or much of the "inventory" is futures linked to shorts backed by leased gold? Or linked to blindly shorts even?

Tim said...

Yes, those are the ones.
Why don't you venture a guess the odds?
I have no idea.

Anonymous said...

Who's holdings are decreasing?

Anonymous said...

Prove that NO holdings are decreasing!

barbadkatte said...

http://www.commodityonline.com/news/When-gold-importers-turn-scrap-exporters-16125-3-1.html

Looks like India & Turkey are now exporters of gold

Anonymous said...

There is only a limited correlation between the rapid increases in holdings and the goldprice which indeed seems to prove that the fund is mainly a manipulating paperfund. Let's wish all those who are long best of luck in ever recouping their "investments"! Real gold is still difficult to be purchased even in Turkey!

Anonymous said...

Anon 7:10: You haven't got a clue what you're talking about. Tim has described on repeated occasions how there is a correlation, however, it's more complex than simpletons like you can probably understand, having to do with declining jewelry demand and surplus scrap. Its much easier to just scream conspiracy than it is to delve deeper and try to understand the fundamental factors at play in the gold market. Coins and bars are a small (but growing) part of overall demand for precious metals.

Tim said...

Now now. If all goes well, I'll be writing an article about the gold in the gold ETF next week.

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